These are critical times that we now live in and finding ways to save money for retirement are sought after now more then ever. This can be accomplished in three easy steps. You may want to start with reducing your monthly expenses. It may not seem like much per bill but it all ads up as a whole. If you are an investor then you may want to find ways to reduce your taxes by giving to charity to offset your income. You also may reconsider your principal in your portfolio which puts you in a different bracket. You can always retain the assistance of a professional to help you achieve financial stability.
Key Takeaways:
- It’s not uncommon for parents to be paying cash allowances to adult children.
- Taxes can be reduced by donating stock rather than cash to charity.
- Instead of reinvesting dividends back into the portfolio, consider taking it as income.
“If the mortgage is paid off and kids out of college, perhaps reallocating premium dollars to long-term care insurance might make more sense.”
Read more: https://www.kiplinger.com/personal-finance/601515/boost-your-retirement-income-in-3-steps
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