If you feel panic setting in as you realize retirement is right around the corner and you do not have a plan, you are definitely not alone. In fact, a staggering number of Americans lack a formal estate plan.
The good news is that even with a late start, committed and strategic planning can optimize your effort.
Revisit your budget
A budget can provide a visual for you to compare your progress toward future goals. The sooner you develop a budget, the more control you can have over your financial situation. According to CNN, there is no such thing as too early of a time to begin planning for your future.
Budgeting can help you identify, maintain and accomplish your financial goals. This resource requires periodic modifications as you experience changes to your income and expenditures. If you feel strongly about boosting your financial reserve, look for ways to cut back on your expenses. Find creative ways to bring in extra cash and refrain from making any large purchases.
Explore savings options
While a traditional savings account is a fantastic starting point, your money does not have the opportunity to expand. Contrarily, other methods of saving can facilitate financial growth via compound interest. For example, you may consider a CD account, 401k plan or other forms of investment.
If you have the chance to increase the amount of money you save, consider how much you can reasonably contribute to your savings so you can maximize your money’s value. Even if you have started estate planning later than others, you still have the chance to build substantial savings with the right strategies.