“Nobody got anywhere in the world by simply being content.” – Louis L’Amour

Continuing with last week’s post on getting your basics right, here are two more aspects you need to consider.

Retirement

It really is amazing how many people are not prepared for the future. The last thing you want is to be caught off guard when the time comes. So contribute to your company retirement account so as to get the maximum match. Then use whatever you can to open up an individual retirement account.

Some might feel that because you get a tax break on what you pay and because you’re effectively doubling your return with the company match, it makes sense to fund your account to the maximum level even if you have to borrow to do so. This is something you need to consider with a professional beforehand.

If you start saving for retirement as soon as you start working it’s easier to reach your goals. You’ll have plenty of time to ride the market’s ups and downs, which means you can start out with a high proportion in stocks and become more conservative as you approach retirement. The key is to keep the money in the account no matter what.

Estate Planning

Do you know who will make your decisions if you’re unable to? Do the people in your life know what you’d like to happen after you’re gone? I know it’s not pleasant to talk about things like death especially when you’re young, but the sooner you iron out these intricacies the better. Remember, it’s not just about you but about the people you love as well. Making the process as easy for them is definitely worth it.

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