It might seem hard to believe, but the New Year is just around the corner. Besides planning for festivities, the approach of the New Year is also a great time to set new goals and resolutions to further your success. Although it might not be on your list yet, retirement planning should certainly be part of those resolutions.
The earlier you set the wheels in motion and begin setting retirement goals, the easier it will be. And there’s no better time than the present.
With that in mind, here are some smart retirement resolutions for 2017:
Aim to automate
Many of us fall flat of our resolutions (yours truly included) because we have to remember to do them every single time. The good thing about setting retirement resolutions is that some of them you can automate, so you can accomplish them without even thinking about it. By automating your retirement investments, you can have a portion of your paycheck automatically contributed to them—a perfect way to reach your retirement resolutions.
Set aside and invest more
When it comes to retirement resolutions, one of the biggest roadblocks to success might be that much of your wealth is tied up with spending. That’s why I recommend you resolve to use at least twenty percent of your wealth to invest in the New Year. By following the 20-30-50 plan, you can ensure you free up enough of your wealth to both invest and spend reasonably.
When it comes to investing more, the good news is that through consistent investing (even if it’s a small amount), you can harness the power of compound interest and build your wealth over time.
Want help setting retirement resolutions?
At LexION Capital, we meet individually with all of our clients to help them set and reach their financial goals. As you goals and life change, we’re there every step of the way. If you’d like to learn more about turning your financial dreams into realities, reach out to us today.