Freedom Financial Network Could Help You Prepare for Retirement

While many millennials have developed good savings habits, their reasons for saving are not the same as previous generations. They enjoy a lifestyle that includes travel, eating out, and staying fit. And they are often more inclined to save for these things than for retirement. 

In fact, a recent survey reported that 72 percent of those asked admitted they did not know as much about saving and investing for retirement as they should. But, before you can begin investing for the future, you need to take care of your current cash flow. This is an area where Freedom Financial Network could help you prepare for retirement investing.

Steps to Improve Your Cash Flow

There are several steps you should take before you begin investing. First, you need to build up an emergency fund. Ideally, an emergency fund should have enough money in it to cover three to six months of daily expenses. 

While it may be difficult to save this much money quickly, with time and discipline, it is possible. Start small, putting aside enough to cover an expense you’d normally put on your credit card and build it up from there.




Speaking of credit cards, eliminating your credit card debt is another crucial step to improving your cash flow. Use your emergency fund for unexpected expenses and look for ways that you can pay down the credit cards. 

You could do this by cutting discretionary spending and put that money towards the credit cards, or picking up a side job to help pay them off.

Additionally, Freedom Financial Network offers a program through its company Freedom Debt Relief, that could help you eliminate credit card debt. Over 400,000 people have already worked with this company. 

Whichever method you choose, putting aside money in an emergency fund and eliminating your credit card debt are great steps towards successfully saving for retirement.

Tips for Retirement Investing

If you’ve established an emergency fund and tackled credit card debt, then you are in a good position to save for retirement. Whether you work for a company or you are self-employed, there are great resources and tools available to help you save and invest.

One of these is the 401K. If you work for a company that contributes to your 401K, take full advantage of this. After all, your company is giving you free money to invest! 

These accounts are tax deductible and companies will typically match your contribution anywhere from three to six percent. Even if your company does not match, a 401K is still a great tool for putting money aside for the future and reducing your taxes.

Freelancers and self-employed millennials can also reap the rewards of a 401K by investing in a Solo 401K plan. Solo 401Ks are flexible and offer high-contribution limits with little to no setup or administration fees. 

If you don’t have a lot to invest initially, that is okay because these accounts generally do not require much to get started.

The two key factors with any type of retirement investing account are:

1. Don’t withdraw money early. If you have an emergency, have funds set aside specifically for these types of things.

2. Let compound interest work in your favor. The sooner you can begin investing, the more you’ll have when you are ready to retire.

Position Yourself for Retirement Savings with Freedom Financial Network

While the idea of utilizing the free money from your company or earning compound interest sounds very appealing, it can also be frustrating if you are struggling with debt. 

You see how money could be working in your favor, not against you, but getting to that point feels like a long and distant road. First, don’t give up. You didn’t get in debt overnight nor can you get out of debt overnight.

However, you may be able to relieve it quickly with help through one of the companies that are part of the Freedom Financial Network: Freedom Debt Relief. 

It has been helping customers successfully resolve their debt and reach other financial goals since 2002, and they could help you too. With certified debt counselors who will listen to your situation and help you find the right solution, you could be on your way to freedom from debt sooner than you thought possible. 

And with your debt resolved, you can begin building your future and your retirement savings.

Nurture Your Nest Egg: 4 Investment Ideas to Prepare For Retirement

Securing a comfortable retirement does not happen by accident. Rather, it’s the final result of a thoughtful strategy of saving and investing that continues over many years. 

Always remember that saving for retirement generally occurs over a timeframe that allows your savings and investments to grow. If you start with these 4 tips today, you will have a significant start on ensuring you will have sufficient funds to enjoy your retirement years to the utmost.

1 – Automatically Deposit Savings Every Month

A good way to save for retirement is to set up an automatic savings program that will take money from your checking account every month and put it into a savings account. Most banks offer this type of program for their customers. 

In addition, mutual fund companies also offer automatic monthly purchases so you can use dollar cost averaging to increase your mutual fund investment throughout the year.

2 – Maximize Your 401k

If your employer offers a 401k plan for retirement, join it and maximize the amount of money you can contribute to it during the year. 

If the employer will match your contribution at a certain percentage, try to contribute as much as you can to take advantage of this extra money. Carefully choose your investment vehicle, avoiding those with high management fees. 

Index funds are generally a good value for most people. If you get a raise, put all or most of it in your 401k to prepare for your retirement years.

3 – Purchase Rental Property

Thoughtful real estate investments can also be a good way to create an income stream for your retirement years. A rental property can provide a steady income that will supplement other retirement funds. 

However, choosing real estate for rental income requires considerable research and collection of information. A real estate professional, like those at The Alan Smith Team - RE/MAX Professionals, can provide the in-depth data you need to make an informed decision on your purchase.

4 - Join A Direct Purchase Stock Reinvestment Plan

If you don’t have enough money to buy a bundle of stocks on the stock market, you can still purchase small amounts of stock in prominent companies that are likely to increase in value over time. 

If you purchase stocks regularly throughout the year, you will be employing dollar-cost averaging to help increase your investment. You can purchase stock from well-known companies, such as Microsoft, General Electric, Lockheed Martin and many other industries.

It’s never too late to save for your retirement. If you haven’t yet developed a strategy, start today. Experts recommend a mix of savings, real estate holdings and long-term investments like stocks and bonds. 

If you follow these 4 tips, you will see how quickly your retirement nest egg grows.

How to Manage Your Money and Prepare for Retirement on a Budget

We all hope to retire at some point in our adult lives. However, to achieve that goal, it is important to have a level of fiscal literacy. 

This means that you know how to manage your money today in a way that allows you to save money for later in life. What are some ways that you can prepare for retirement regardless of how old you may be right now?

Talk to a Financial Advisor

Whether you are 20, 40 or 60, a financial adviser can help you make the most of your financial resources. 

This person may be able to recommend mutual funds or other investment accounts that can grow exponentially over time to help grow your nest egg faster. You may also be given insight into how you can use Roth IRA or 401k accounts to help manage your tax burden in retirement.

Take Advantage of Social Security

Social security benefits can be worth thousands of dollars per month depending on how long you worked. 

If your spouse has a work record, you may be able to claim benefits based on that record whether you are a male or female. Professionals, like Horn & Kelley, PC Attorneys at Law, know that looking into these possible benefits is incredibly important. 

They may help you secure your financial future in the event that you are disabled or choose to raise the kids instead of go to work.

Find Easy Ways to Downsize Your Lifestyle

Instead of living in a 3,000 square foot home, it may be better to buy a condo. If you like to travel, it may be a good idea to buy an RV that you can customize to your liking. 

These options may cut your housing payment by hundreds of dollars per month as well as reduce the amount of maintenance that you are responsible for.

Buy Long-term Care Insurance

There is a good chance that you could live into your 80s or 90s. Therefore, there is a good chance that you will get sick or otherwise suffer health issues that require long-term care. 

Buying long-term care insurance helps pay for the services that you need without depleting your personal assets.

Retirement should be a time in life when you get to live life on your own terms. If you take the time to plan out how much you will need to live comfortably, you should be able to achieve your goal. 

Those who need help managing their money should turn to a trusted family member, friend or professional financial adviser for assistance.

Retire in Style: Prepare for the Transition Now

There are many things that you can do to make your retirement years more enjoyable and secure. Planning in advance can help you transition into retirement easier. Here are a few of the top ways that you can prepare to retire in style.

Save Money

Although this may seem like a given, there are methods you can use to save money more effectively. IRA and 401(k) plans give you the opportunity to set money aside specifically for your retirement years. Getting a certificate of deposit (CD) with a bank will allow you to earn interest on your investment if you keep the money in the bank for a set period of time. You can also save money by simply setting aside a certain dollar amount each month and depositing it into a savings account that is designated for your retirement fund.

Get Educated on Retirement Funds

It is also important to learn more about other retirement funds such as Social Security payments and pension plans paid by your employer. Some of these funds that are established by the government and by companies will pay out more money the longer you work. Once you become eligible to start collecting the money from these funds, you will typically receive payments for the rest of your life.

Consider Retiring Abroad

If you think you will have limited funds once you decide to retire, you may want to look into spending your retirement years in another country where the dollar is considered more valuable. Panama, Thailand, Mexico and other foreign destinations around the world are known to have large numbers of retirees from North America. It is important to look at the available health services, and overall quality of life in a particular country before you decide to retire there.

Satisfy Your Debts

Paying off all of your debts before you retire can give you extra financial security for when you decide to make the life transition. If possible, it is best to make larger payments on credit cards, mortgages, and other types of debts in order to avoid extra interest charges. If you are overwhelmed by debt and think you will have trouble paying it off before you retire, you may want to consider consulting with a chapter 13 bankruptcy attorney at the law offices of Richard D. Palmer.

Establishing a solid plan before you retire can be beneficial for your future. The sooner you start planning for your retirement, the more likely you will be able to enjoy your golden years in style.