đŽ đ¸ Itâs time to figure out how much money you will need to retire â and where you will find this money to support yourself. Itâs good to consider the kind of lifestyle you will want to support, such as budgeting for travel or new pastimes.
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âď¸ Complete this worksheet from the U.S. Department of Labor to help with planning your retirement savings. View the worksheet here âĄď¸ https://askebsa.dol.gov/retirementcalculator/UI/general.aspx
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âď¸ Take advantage of the time value of money. Put your money to work for you while you are still working by investing in a retirement account.
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âď¸ Make sure you diversify your investments with a mix of stable âfixedâ investments, such as a bond, and potentially higher-yielding, but riskier investment, such as a stock mutual fund.
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âď¸ Look into âcatch upâ retirement contributions, which allow people age 50 and older to contribute more to their 401(k) and other retirement accounts each year.
