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Best Practices When Saving For Retirement


It is “Save for Retirement Week.” One essential step in saving for retirement is to start as early as possible. It is more fun to get instant gratification from buying that five-dollar coffee or those fancy new designer shoes, but sometimes stepping back and thinking about your future goals will stop you from making a decision that may hurt you. Starting early and being disciplined will help you reach your goals and make retirement more enjoyable.

Write Your Goals Down

We suggest that you begin by writing down your financial goals. Writing them down makes it more likely to stay the course and achieve those goals. Meeting with a financial advisor to develop a strategy to achieve your goals is significant. And revisiting these goals often will keep you committed, driven, and on track.

Participate in Company’s 401(k)

One of the most important financial planning strategies in saving for retirement is to contribute to your company’s retirement plan and be sure to maximize your employer’s 401(k) match. Participating in your company’s plan and taking advantage of that extra money that is matched will help to accelerate your growth potential and get you on the road to a comfortable retirement.

Stay On Budget

Another crucial step in saving for retirement is staying within your budget. Budgeting is vital this time of year, with the holidays upon us and the temptations to purchase extras throughout the next couple of months. So often, we get caught up in the holiday spirit and forget about our bills during this time. To ensure that you do not overspend this season now is the perfect time to create a realistic holiday spending budget that won’t break the budget.

Saving for retirement does not have to be complicated. Start early, identify your goals, stay on budget, and maximize any matching money available to you, and you will be on the road to achieving your dreams and goals. And as always, meeting with your financial advisor will help you stick with your plan.

Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

ROBERT BLAKELY, CFP® is a financial advisor with BLAKELY FINANCIAL, INC., located at 1022 Hutton Ln., Suite 109, High Point, NC 27262. He is the founder and president of Blakely Financial, Inc. celebrating 25 years in business.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals.

Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser.