Your Savings: Investing Today to Retire Tomorrow

Written by: David Wilkening

If I were you, the idea of investing today to retire tomorrow would sound highly appealing, to say the least. But this comes with a warning: I didn’t do that.

In addition, investing today to retire tomorrow has another lure. For me, at least, it sounds like you can take a single day to decide (yes, today) on investments, then spend your retirement years in glorious leisure enjoying your ongoing investments.

There are not only people who do this but some are prepared for tell you specifically what short-term investments let them enjoy hefty incomes when they retired. Many of these individuals want money, however, for their expertise. I also have some advice, which has the advantage of being free.

But I also warn you: it’s not easy.

I have no specifics on how you can get to the age of, say, 50  or 60, and then make some stock investments that will carry you through in comfort during your upcoming retirements.

However, I do have some suggestions. One is to invest today for tomorrow. Start now. No, I did not, but you can.

Whatever else someone tells you about finance, pay serious attention to those who tell you to save your money. No, not in a bank with paltry interest, but so you can use that money to invest. Sorry, not everyone wants to tell you this (or tell you only if you pay them) you generally need money to make more money. And saving is usually the only (legal) way to do it.

I would first put in a good word for annuities. You can get them today and earn regular income in the future.

But most of what I suggest involves ho-hum savings.

As part of that, first develop a plan to start accumulating money, and then develop a strategy to invest your hard earned money.

Pay off your credit card bills. Interest rates are killers.

Contribute to a retirement plan of some kind. It will grow because you aren’t paying taxes yet. Hopefully, your company has a retirement plan for you to contribute but if not, transfer 10-15 percent of your salary into a savings account. To make it easier on yourself, see if your bank has an automatic savings plan.

As you do start to invest, pay proper attention. No, not every day, too boring, but every few weeks or months. Are your financial goals being met?

Find multiple investments. Some investments are purely for returns while others have tax advantages. Pay attention and figure it all out (yes, it does take some work but mistrust anyone offering simple answers),

Always keep in mind savings. Find money saving ways to change your lifestyle, for example. Lease a car (the money you save can be invested) or buy a used car instead of that $100,000 Corvette (Yes, it would be nice to have it, but as you get older it’s time to avoid short pleasures for the long run)

Get a second job. Part-time, of course, but we all have some spare time. Save that supplementary income money to invest in your retirement. PS: Try to find a job you love (not easy, I know even if the pay is less, the satisfaction level makes up for it, so make the extra effort) so you won’t mind the extra work.

Get professional advice regarding your retirement plan to see if you are moving in the right direction.

See, that wasn’t so hard, was it?


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Your Savings: Investing Today to Retire Tomorrow

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