Retirement Tips

• A few simple tasks can make sure you're properly prepared for retirement.retirement fun image by Pix by Marti from Fotolia.com
  
  Retirement requires a lot of careful planning, but all too often people do not give it the attention that it deserves until it's too late. By following a few simple tips, it is possible to be well prepared for your retirement, no matter what the economy is doing when you choose to retire. Because these are general tips not everyone will be able to use all of them, however the more you can apply the better off you will generally be.
  
  

Pay Off Debts

• The most important thing that you can do is to pay down your debts. The less money you owe, the lower your monthly expenses will be. It is a bad idea to go into retirement while still paying down your mortgage or credit cards if it can be avoided. Paying off your debts will make your retirement savings last much longer and allows you to live more comfortably.
  
  

Start Early

• According to Dave Ramsey and other financial advisers, the biggest mistakes people make is waiting too long to start saving for retirement. Those who begin saving in their early- to mid-twenties will have substantially more money than those who wait until their thirties to save for retirement.
  
  

Deposit Regularly

• It isn't enough to deposit a little here and there. Your deposits should be both intentional, and regular. Both 401(k)s, which are retirement accounts set up by employers for their employees, and Individual Retirement Accounts (IRAs), retirement accounts set up by an individual through an investor, may be options in which to deposit your savings. Retirement programs like 401(k)s and IRAs have a yearly limit so it is a good idea to arrange for a direct deposit from your paycheck, or to deposit the maximum allowed at the beginning of the every year.
  
  

Maximize Tax Deductions and Employer Matching

• If you have a Roth IRA or Roth 401(k) available to you, you should take advantage of it. With these types of retirement accounts you pay taxes on the money as it enters the account, but you never have to pay taxes on it again. This saves you from having to pay taxes on the interest they make, and means more money in your pocket.
  
  If your employer offers to match a deposit into a retirement account, you should take advantage of this benefit. Many employers will match your deposit up to about two percent of your paycheck. This is essentially free money you get for saving for retirement. It is a 100 percent gain immediately upon deposit.
  
  

Invest in Gold

• Economies are not invincible, and it is entirely possible to lose some or all of your retirement account to a down economy. Invest at least a small percentage of your retirement savings in gold to protect them from being completely lost. Gold can easily be kept at your house or in a safe deposit box at a trusted bank.
  
  

Plan on Being Alive Longer

• One of the biggest problems that some retirees are finding is that their money is running out. They are living longer than they anticipated, and don't have the money to continue. The only options left are to try and find work, go into debt, or rely on their children to pay their bills and medical expenses. Financial planners with the United States Automotive Association recommend planning on living into your mid-nineties instead of your mid-seventies. This way you'll be set, and if you don't use it all, your children will have a nice inheritance. A financial adviser can help you determine how much you would need for your retirement.