Skip West

Whether you’re in your 20s, 30s or 40s, it’s never too early to start saving for retirement. Investing a small percentage of your income now can pay huge dividends in the long run. You can set up automatic deductions or transfer funds from your checking account to a retirement plan. Even $25 a month can help you reach your goals. Starting early and saving for retirement is the most important aspect of any long-term financial plan. It can set you up for success, ensure a smooth transition into your retirement, and allow you to live the life you want to. The earlier you start, the more time your investments have to grow — a powerful wealth-building phenomenon known as compounding. Living below your means is a key way to build your financial strength and save for retirement. It can take some time to get used to, but the benefits are well worth it! It reduces your stress, gives you more control over your money, and enables you to live the life you want.  When you have a budget in plac...

For many seniors, Social Security is their primary means of financial support . In the event of disability, it provides a crucial safety net. Your benefits are calculated using several variables, including your age, gender, health status, and expected lifespan. To learn more about the implications of various claim situations for your specific position, it is recommended that you speak with a financial expert. The amount of your benefit is calculated using your lifetime earnings. Your benefits will increase in proportion to your income. Your Social Security retirement payout is determined by your lifetime of earnings, which you can see in your my Social Security account. You'll have to allocate 6.2% of your income to Social Security. Your company will also contribute to this fund. Earnings from a spouse should be factored in if applicable. If you qualify, your benefit will be increased by 1.5 above what you would receive otherwise. Your retirement payout will be based on your years ...