Starting early is wise
John Brueske/Shutterstock Forty percent of American workers aren’t confident that they have enough money to retire, according to a 2017 study by the Employee Benefit Research Institute. But as is the case with any challenge, the sooner you start preparing, the easier it is to achieve your goal.
What many people might not know is that preparing for retirement entails more than socking away money for the future. You need to build a stable financial foundation all around and keep it that way. Check out this timeline for sound long-term retirement planning.
To help you determine the best steps to take, we asked a handful of financial advisors to share their best tips. Here are the top nine.
Determine your baseline expenses
Syda Productions/Shutterstock It’s impossible to know for sure how much money you’ll need in retirement without tallying your basic costs. “These expenses keep the roof over your head, food on the table, and the lights on,” said Arnie Cabiles, a certified financial planner (CFP) and owner of Achievable Wealth. “This will help when using one of the many retirement calculators to determine funds needed to retire or when planning with a financial advisor.”