Finance is Fun: Maximizing Retirement Income

Updated 1 year ago

In this week’s “Finance is Fun” Marion Syversen joined Carolyn Callahan on TV5 News at Noon to talk about maximizing your retirement income.Start - start as early as possible. Compound interest works to our advantage the earlier we begin to save. So the earlier that retirement savings can begin, the better. Small amounts contributed early can really make a BIG impact on your futue. But if you didn’t start early, please START!Lumps of cash- When you have cash flow bonanzas, add the money to the retirement pot. Chunks of money help build up the retirement savings more quickly. So when you can squeeze money out of places, please DO.Choose the right account- The Motley Fool writes that there are eleven different types of IRA. Choose the account type that is right for your needs. If you need help, speak with a professional.Free money- If you have access to matching funds through a retirement plan at work or for your business, maximize your contributions to get those funds. You don’t usuallyqualify for the money unless you participate in the plan, so please participate.Think streams- Most people have several sources of eventual retirement income, from rental property to Social Security to pensions to annuities and IRAs. Develop a view that plans for those streams. Put your thinking cap on and plan your delicious future.Don’t give up- This is not a straight shot to done. There are many stumbling blocks along the way. Many. So, keep on keeping on and please don’t give up. Citations:Article- http://www.wthr.com/story/15588350/how-to-maximize-your-retirement-incomeIRAs- http://www.fool.com/money/allaboutiras/allaboutiras02.htmDisclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc., Norumbega Financial and all other entities listed herein are separate entities, independently owned and operated. Information is for educational purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy.


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