This week marks the 238th anniversary of America’s independence from Great Britain. Generally we celebrate the Fourth with fireworks, parades, picnics, political speeches and ceremonies.
Independence is defined by Webster as “free from outside control or support.” And on the day we celebrate independence as a country, each one of us celebrates some sort of individual independence — learning to walk, learning to drive, or moving away from home, to name a few.
Most people also aspire to achieve financial independence. And while you’re celebrating with hotdogs and pool parties on this particular day, you might want to stop and think about how well you’re doing at achieving your own financial independence. Each person’s idea of this concept is different, but the ultimate financial independence, in most people’s opinion, is retirement.
According to an article in Time Magazine, your ability to reach a comfortable retirement depends upon how much you spend – and how much you plan to spend in the future. Ask yourself these questions: What’s my destination and am I on track?
The U.S. Department of Labor website also has some ways to prepare for retirement:
- Start saving, keep saving, and stick to your goals
- Know your retirement needs
- Contribute to your employer’s retirement savings plan
- Learn about your employer’s pension plan
- Consider basic investment principles
- Don’t touch your retirement savings
- Ask your employer to start a plan
- Put money into an Individual Retirement Account
- Find out about your Social Security benefits
- Ask Questions
The more you plan, the better off you’ll be. But we at Advance Financial know that unexpected events happen. That’s why we’re here to help 24/7/365. We’ll help you get the money you need and get you back on track. Stop by one of our 56 locations or visit us online.