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The way people plan for retirement has changed dramatically over the past few decades. This is due to a number of factors, including the decline of traditional pensions, the rising cost of healthcare, and increasing life expectancy.
As a result, different generations have different approaches to retirement planning.
For all generations, some basic principles apply:
- Start saving early: The earlier you start saving for retirement, the more time your money has to grow. Even if you have advanced in your career, it’s never too late to make an impact on your future.
- Take advantage of employer-sponsored retirement plans: 401(k)s and 403(b)s offer tax advantages that can help your money grow faster.
- Set realistic savings goals: Start by setting a goal to save 10% of your income for retirement. You can increase your savings rate as your income increases and you have more financial flexibility.
- Invest wisely: Once you have saved some money, it is important to make smart investments. There are a variety of options available, so choose investments that are appropriate for your risk tolerance and time horizon.
- Rebalance your portfolio regularly: As you get closer to retirement, you may want to adjust your portfolio to reduce your risk. This means selling some of your more aggressive investments and buying more conservative ones. Throughout your career it is important to meet with your financial advisor regularly, to ensure you are on the best path for your saving goals.