April is Financial Literacy Month. At NBIC, we believe financial literacy is one of the biggest obstacles that prevent clients from achieving business success.
To celebrate Financial Literacy Month, we’re going to share a series of posts with key ideas about financial literacy that we’ll go over for the rest of the month. The four topics we want to share are:
- Myths about financial literacy
- Budgeting for yourself and your business
- Saving for big goals
- And getting ready for retirement (yes, right now!)
This is the last post in the series and will focus on getting ready for retirement.
How to start thinking about retirement
Investopedia defines retirement as an individual permanently leaving behind the workforce. This typically happens in your mid-60s, but can take place earlier or later depending on:
- The amount of debt you need to pay off
- Health issues, which could force you to retire early
- How long you expect to live after retirement
The biggest challenges retirement brings is a significant drop in income and a change in health insurance. Some of the tools you can use to have a robust retirement life include saving while working, investments, and programs like Medicare and Social Security.
Your retirement strategy shouldn’t rely on a single tactic. Combining several of these tactics is the key to retiring with the kind of life you want to live. Regardless of your age and how long you’ve been working, there is still an opportunity to create a retirement plan that presents the best-case scenario. A financial advisor can speak to your situation, especially if you’re starting or operating a business.