By now you’re likely well on your way to saving for retirement. Don’t lose momentum! Remember, saving for retirement is a marathon, not a sprint. And GuideStone can help you confidently stay on track. You don’t have to wonder if you’re taking the right steps — you can know it. Keep up the pace, and continue your journey toward a comfortable financial future with these four tips:
As you’re well aware, the more time you allow your money to work for you, the better. Thanks to compound interest, even modest contributions can build into larger savings over time. Seeking a way to save even more at no additional cost to you? If you aren’t already contributing enough to receive your employer’s match (if one is offered), now’s the time to do so!
GuideStone financial advisors recommend saving 15 percent of your annual income toward retirement. If this goal seems daunting, continue with your current contribution and increase that percentage every time you receive a raise, promotion or bonus to stay on track. Annual increases greatly improve the likelihood you’ll reach your end goal. Make the most of your highest earning years (ages 35–55) by maximizing your contributions.
Maintain your portfolio to ensure it’s comprised of investments that best align with your retirement goals and risk tolerance. We make it simple to do just that with our retirement guidance and planning resources.
Take a disciplined approach to investing by focusing on the long term. Avoid making investment decisions based on emotion and today’s market news. Exerting self-control to regularly saving for retirement may be challenging, but it pales in comparison to future regret. Adopting a long-term perspective motivates you to make small sacrifices today and stay on track toward a comfortable retirement.
Continue saving with strong forward momentum — your future self will thank you.
*Financial advice provided by GuideStone Advisors, a controlled-affiliate of GuideStone Financial Resources