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Women understand the benefits of planning ahead. Whether it’s managing the day-to-day activities of a fast-paced household or balancing the demands of work and home life, women know the importance of good preparation.
Not surprisingly, good preparation is necessary for retirement.
“My family barely makes it now” is a common refrain for people who don’t contribute more to their retirement accounts. In most cases, this is a matter that can be tackled and improved with a few changes:
- Create a budget to allow for current expenses, create or build emergency savings, and put money away for your future.
- Develop a millionaire mindset. Having a clear understanding of how to best live within your means now will help you to become a better saver in preparation for retirement.
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Prioritize your debt to make better use of your income. If you’re struggling financially or don’t feel you can spare any extra toward saving now, then try to reduce debt so there’s more money to save.
Taking steps now to create a more secure future later is an excellent example of planning ahead.
You’re on the right path. Take time to balance your priorities to build the lifestyle you want.
Your future self will thank you.
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What have you missed?
In March, we encouraged investing in yourself.
In February, we provided suggestions on how to strategize and plan so you may reach your financial goals and find peace of mind in retirement.
Find this information and more on the Michigan Office of Retirement Services’ Women & Retirement website, and watch for future topics in 2022.
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