Question How do you fund your retirement account?
Answer Use your PYF Savings account for retirement.
Complete Answer Although retirement planning is beyond the scope of this blog, the following guidelines will point you in the right direction. If you save 10% of your take-home pay each month, your PYF Savings Account, the following things will happen:
- You will have enough money in your checking account to pay all of your monthly bills on time (post of post of October 10, 2016),
- You will have money for unexpected financial emergencies (post of October 17, 2016),
- You will have money to leverage your buying power for big-ticket goods and/or services (post of October 24, 2016), and
- You will have money to fund your retirement.
- Start NOW! If you are putting 10% of your monthly take-home pay into your PYF Savings Account for your working life, you will have a substantial amount of money for your retirement. Will that be enough to fund your retirement? Only you can answer that question. A good place to start is to look at your monthly Spending Plan. How much money do you need each month to maintain your current life style?
- Diversify your retirement funds.
- Take full advantage of your employer’s retirement and/or pension programs.
- Only withdraw money from your retirement account(s) as a last resort, then make paying yourself back a priority.
- Because each of us have unique financial situations, you should seek the help from a trusted, licensed financial adviser.
Financial Literacy Knowledge/Skill
How to fund your retirement account.
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