We believe that establishing, developing, and protecting are the keys to financial freedom.

3 Steps To Retirement Saving That Works For You

If you are worried about your retirement savings and whether or not it may be enough to carry you through retirement, you are certainly not alone. Even with the greatest of planning, there can be doubts that you are doing all you can do, and are as prepared as possible for the future. Saving for retirement is certainly no easy task, but instead of worrying yourself with national averages and the calculators plastered on nearly every retirement website, take the time to remember you are planning for yourself.
There is no average you need to beat that determines if you succeed or fail. It is okay to be a little behind what others have saved, and there are always options you can take to extend or increase your savings with the appropriate financial guidance.

Here are three things you should be focusing on when it comes to your retirement savings:

Testing Your Retirement Expenditure Control
Instead of chasing an average number, you should be determining just how well you can manage on a percentage of your income now. This is one test that is never too early to start, and as an added bonus any money you save can go toward your retirement savings. You may be comfortably able to live on 70% of your income, or you may find that to be quite the struggle. The fact is you can never know until you live it, so waiting for your day of retirement is rather risky. Testing yourself for a solid six months may be long enough to know whether or not you can comfortably maintain a certain level of spending, giving yourself enough time to experience any highs and lows, and temptations.

Choosing Smart Investments
The lure of adding a significant bump to your retirement savings by making wise investments is very attractive, and for a good reason. It is a smart choice that you can tailor to your needs, and acceptable level of risk. Getting sound investment advice and working out a plan is one of the many benefits of having a financial advisor. The one thing you do not want to do, is rush the process of investing. There are many options available and making the wrong decision could cripple your finances instead of adding to them. Once again, you’d do well to skip the often outdated investment advice you may find in articles and devote your time to a financial planner who would be knowledgeable of the current investment landscape.

Avoid Shock Saving Attempts
If you have determined you are behind in saving even by your own personal estimates, the urge may be great to suddenly buckle down and lock yourself into a budget that is akin to punishing yourself. Sudden shock changes often lead to immense failures, not to mention high levels of stress. Gradual changes are better accepted and increase your chances of success. If you are behind on saving 10-15% of your income for retirement, focus on incremental increases of 2% more at a time to what you already are saving instead of trying to make a massive, permanent cutback overnight.

At BD Financial Concepts, we can help take a lot of the stress and worry out of your retirement saving process. Whether you need to fully understand your options, or determine which investment path is right for you, our experienced team is here to help. Contact BD Financial Concepts to see the difference we can make for you.