California based Senior Care Center, a company that offers assisted living services, has recently issued a public reminder of the importance of diligently saving money for retirement.
“Due to the increasing cost of living and very expensive medical care in the US, Americans should be focusing on building their retirement funds now more than ever,” says Casey Ryeback of Senior Care Center.
Senior Care Center is a free online platform that connects families to highly-rated assisted living facilities in the country. Their services include transparent and detailed facility pricing, community tours and viewings, move-in support, and free consultation with their advisors. More details about the company can be viewed at https://srcarecenter.com.
It is of common knowledge that the great recession of 2008 has significantly affected the financial stability of most of the Americans. In fact, online statistics show that the country’s 401(k) lost more than $2 trillion in the final quarter of 2008. Furthermore, the average loss that year for the workers who had been in their jobs for 20 years was an astounding 25 percent. “2008 was a tough year for us and we have no other choice but to move on and rebuild ourselves from those losses. However, the great recession also taught us to become more financially prepared and to make better plans for future uncertainties,” he added.
According to the Senior Care Center, consistently saving and investing money, even in small denominations, is very important when building a retirement fund. In addition, they recommend to save and invest as early as possible to better benefit from the power of compounding interest. “In the world of investing, time equates to money; and the earlier you start saving and investing, the better your profits will be,” Ryeback said.
Aside from adding money on top of their company’s 401(k) share, employees are also encouraged to open an IRA account. Contributions on either Traditional IRA or Roth IRA plans as well as its investment profits, continuously accumulate tax-deferred until withdrawals are made upon its maturity. Learn more about the types of IRA and eligibility requirements by visiting the IRA’s official website.
Another simple yet very effective tip in saving up for retirement, is to control the way of spending. “List down all of your expenses for a month and make sure to stick with it. You can achieve this by automatically setting aside a certain percentage of your income for savings and investments. Once your savings are already secured, you can already spend the rest of your money freely. Finding the appropriate budgeting technique that matches your spending habit is the key to proper income management,” he added.
Lastly, it is also recommended to look for extra sources of income to stash away the money that was earned from it. “Find a way to have multiple streams of income and maximize the use of your idle time on useful websites where you can earn additional money. Also, every time you receive a salary raise or whenever you receive a bonus, make sure that a significant amount from it will go towards your savings or retirement plan. While it is very tempting to treat yourself with an expensive watch or going on a grand vacation, do not think of that additional income as disposable money. In the end, the few who are willing to delay self-gratification will have a more comfortable life during their golden years,” says Ryeback.
Early financial planning and preparation are the most important factors to be able to retire comfortably. Furthermore, nobody wants to become a burden to their families when he or she gets older. “Sending someone you love to an assisted living facility is already a difficult decision that’s why we dedicate ourselves in finding the best one for them,” he added.
Those who are looking for facilities that can accommodate their specific needs may visit Senior Care Center’s website for more details. It contains a detailed list of the best homes and communities that customers can choose from. They also offer additional services such as a free consultation and facility viewing. Go here to find out more about their latest news and important announcements. Interested parties may also connect with them through their official social media accounts on Facebook and Twitter.
SOURCE: Press Advantage [Link]
Senior Care Center helps family members find assisted living for their loved ones. Whether it be Alzheimer's Care, Residential Long Care, or Nursing Home, or Memory care Senior Care Center can help you find a great place for your loved one.
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