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Unfortunately, the reality today feels much harsher.
If you feel like its harder than ever to save for retirement, youre hardly alone.
Those are some daunting facts.
Not to mention the allure of the latest Ill-never-know-when-I-need-it gizmo from TikTok shop.
Tracking your expenses to see where you might cut or reduce costs is a great first step.
And remember this classic piece of financial advice: pad your emergency fund.
Having asolid financial cushionto handle unexpected expenses will keep you from cracking the safe to your retirement too early.
Consult a Financial Advisor
No person is an island.
Thats true in life and in finance.
Fortunately, you dont have to do it alone.
The rightfinancial advisor can help you prioritize retirement along with your other financial goals and stay on track.
Reach out to friends and family to see if they have an advisor they trust.
Meet with advisors until you find someone whose expertise and communication style work well for you.
Roth IRAs are another popular retirement savings account, for good reason.
They let you invest after-tax dollars, which can grow tax-free over time.
During retirement, when you withdraw from your Roth IRA, all that growth comes back to you tax-free.
Its a powerful financial tool for retirement planning since you dont have to guess how taxes will impact withdrawals.
There are some simple steps you’re free to take now to brighten your outlook.
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