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4 Steps to Take to Retire on Time

May 18, 2018

Average working American look forward to the day that they can cease the daily grind in exchange for days spent doing the things they did not have time for when they were working full time such as hobbies, traveling or spending time with family and friends. The reality is that being able to retire on time won’t just happen out of nowhere.


Many studies show that 40% of working adults do not think they will be able to retire until age 70 or older. These studies also revealed that 23% of workers aged 55 and older and 40% aged 18 to 34 do not participate in an employer-sponsored retirement plan.


Now it’s true that working past what the government considers “full retirement age” (66 or 67, depending on when you were born) is not all bad. Life expectancies are increasing, so that means working longer does not necessarily mean working until the end of your life. In addition, working during your senior years has proven health benefits, such as the ability to keep your mind sharp. However, most of us would like to retire on time for the sole fact of not having our lives dependent on the work cycle forever.


If you are planning to retire on time, you must be proactive about saving for retirement. Here are 4 steps you need to take to retire on time.


1. Reevaluate your budget. Saving for retirement starts with being able to set aside a portion of your income to save. My recommendation is at least between 10% - 15% of your take-home income every month. If you want to be able to retire on time, you must take a serious look at your budget and find ways to reduce your expenses if you are not currently able to allocate a portion of your money for retirement savings. Look for ways to reduce major expenses, like utility bills or housing costs, or to make minor changes, like eating at home more often rather than spending money dining out.


2. Start saving yesterday. If you haven’t yet started saving for retirement, the time to do so was yesterday. Contribution limits for workers younger than 50 are currently $18,500 for 401(k)s and $5,500 for IRAs ($24,500 and $6,500, respectively if you are aged 50 and older). If you are able to max out your contributions each year, then retiring on time should not be an issue. However, the majority of people are not able to set aside that much of their income on an annual basis, and that’s OK. Just start saving a set amount each month and increase that amount gradually over time. Also, make sure your money is in a place where it is subject to growth.


3. Establish additional forms of income. It never hurts when saving for retirement to have additional sources of income helping you out. Consider a side job—either a part-time job or a freelance gig. You could also look into investments that will generate extra cash, like maintaining a rental property. If you have an extra stream of income, you could dedicate it fully to your retirement savings and use your full-time income for daily expenses.


4. Keep at least a portion of your money protected. The stock market is a volatile entity, and while it is OK to employ the stock market to help grow your money, you should also be aware that it can significantly damage your nest egg without much warning. To combat that issue, we suggest keeping at least a portion of your money in risk-protected investments like a guaranteed insurance contract. With this product, you still capture a portion of the gains of the stock market, but you will suffer zero of the losses.


If your goal is to retire on time, then you must make smart decisions to make it a reality. Work with a financial advisor that understand how to help you on your path to securing a substantial nest egg.


If you want your money in risk-protected investments, but you still want to enjoy stock market gains, PWG USA team of wealth architect can help. Call us today at 1-800-278-2105 and schedule your free, no obligation consultation. You can also visit our website at for more information on how to become a Wealth-Builder.

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