Saving For Retirement During the Holidays #GenworthHoliday

Information for this post is sourced from Genworth Financial. All opinions are 100% my own.

Although I love the holidays, and making people happy it is still vital to continue saving for retirement. Keeping in perspective that although this is a very important day, it should not ruin what you have accomplished all year. As they say, do not break the bank, for this holiday.

saving for retirement

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Saving For Retirement

Saving for retirement is very important, even if you are self-employed. For someone like me, who is self-employed, I have the option of whether or not I want to contribute to my retirement monthly. I could decide to forgo December since I would rather use the money on the holidays. This is not a good idea. Creating a budget for the holidays that fits within your financial situation is what has to be done.

What you have in retirement is your guaranteed income for life once you are actually retired. Given this is what you are going to live on for the rest of your life, you do not want to pull from your retirement or reduce your contributions. I was told at one point that by age 40 you should have at least one and a half times your age in your retirement plan to be on track for retirement.

The best thing you can do is to start saving for Christmas at the beginning of the year. Simply figure out how many people you have to buy for, an approximate amount for each person, total that amount and divide by 12. Set up a savings and start depositing that amount in that account on a monthly basis.

Other suggestions on what you can do for Christmas gifting without having to dip into your retirement is the following:

Regift – Have you received any gift cards throughout the year for a birthday or other special occasion? Regift that gift card to someone on your Christmas list.

Pick up extra work throughout the holidays. Many retailers hire extra people specifically for the holidays. Those extra paychecks you are bringing in can go specifically toward your Christmas expenses.

Save your change. Throughout the year you can save all of your change. This could easily add up to a few hundred dollars by the time you get to the end of the year.

Earn points on purchases. Do you earn points on debit or credit cards? How about any products you buy? There are a lot of programs out there that allows you to earn points on your purchases. These points can be normally be redeemed for gift cards or products, which you can then use towards your holiday purchases.

Getting on track for your retirement and staying on the right course is priority number one so that you can enjoy your years of retirement. Genworth Financial can help you prepare for your retirement properly.

 

 

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About the Author

I am a work from home mom who dearly loves her 15-year-old daughter, 11-year-old boy/girl twins, and husband. I love my life and feel very blessed by what God has provided for me.

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