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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
September/October 2020
Find Extra Cash for Retirement
If you’re younger than 40, you can probably name a half-dozen reasons why you don’t have to worry now about saving for retirement. Yet, blink and you will find yourself 20 years older and staring retirement in the face.
No More Excuses
The earlier you begin saving regularly—think “today”—the better your chances are that you will reach your financial goals in retirement. But, for many people, finding the extra cash that can eventually become retirement income is difficult. You can take a bundle of small steps to save a little more at a time and watch it grow slowly, but who has the discipline to follow through? Or you can make big changes that will add up more quickly.Start by figuring out how and where you spend your money. Are you a willing victim of self-induced lifestyle inflation? This fancy term is little more than a new way to say, “keeping up with the Joneses,” but it causes the same damage: You spend more and save less.
Next, talk to your spouse to determine how much money you need to put away for retirement. Pick a big number—say, 20% of income. This amounts to paying yourself. You may be able to invest that much money in tax-advantaged work and individual retirement accounts. Find an online calculator and figure how much that amount would grow to when you want to retire.
Lifestyle Deflation
Now sit down with your family and talk about how you will bring your lifestyle back to Earth to find more money. Do you really need to buy a 10-passenger SUV for your family of three every two years when a smaller SUV can cut your costs in half, especially after factoring in fuel? Do you need to upgrade your home constantly or can you save $50,000 in kitchen renovation costs and make do?The kids don’t need the most expensive sneakers and you don’t need to eat at high-end restaurants regularly. The list goes on and on. Then, when your paycheck increases, keep your lifestyle at bay and pay yourself more. Stay the course and the retired you will be grateful.
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GE-4833845.1 (7/22)(Exp. 7/24)
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