{"id":7703,"date":"2014-05-19T10:24:24","date_gmt":"2014-05-19T17:24:24","guid":{"rendered":"http:\/\/www.marketriders.com\/investing\/?p=7703"},"modified":"2016-12-21T07:28:03","modified_gmt":"2016-12-21T15:28:03","slug":"need-less-simple-guide-saving","status":"publish","type":"post","link":"https:\/\/www.marketriders.com\/investing\/need-less-simple-guide-saving\/","title":{"rendered":"Have More, Need Less: The Simple Guide To Saving"},"content":{"rendered":"

Do you save enough? Congratulations, no need to read the rest of this article.<\/p>\n

Okay, for the 99.99% of you still reading, take heart. Saving is one of those things that’s hard at first,\u00a0then becomes easier and easier in time<\/a>.<\/p>\n

Why so hard? Because saving is a form of self-denial. Yes, a vacation would be fun right now, but saving adequately means putting off that weekend getaway. A new car might drive a little better, but buying used or driving your current car longer is likely a better use of your money.<\/p>\n

\"saving\"<\/a><\/p>\n

Take a look at your paycheck. You’ll notice that there are a number of fixed deductions built right in. Federal and local taxes, for instance. Social\u00a0Security\u00a0and Medicare payments.<\/p>\n

Do you see a line that says “Your\u00a0Retirement” on your check? You should. If not, it’s time to walk over to human resources and fix that. Getting\u00a0an automated savings system<\/a>\u00a0in place is the hard part, but it will become easier, and sooner than you think.<\/p>\n

Here are the three key steps to saving more for your future:<\/p>\n

1. Pay yourself first<\/strong><\/p>\n

That’s the automatic\u00a0retirement\u00a0deduction into your 401(k) at work. People often aim for a percent of their paycheck, but be careful not to pick a comfortably low figure. Save enough that it actually hurts at first.<\/p>\n

Over time you will adjust to a high savings number. You are also likely to get raises. You are unlikely, however, to voluntarily raise your savings level soon. Better to bite the bullet now.<\/p>\n

2. Pay less taxes<\/strong><\/p>\n

This goes hand-in-hand with using a 401(k) or IRA to save for retirement. Every dollar you take out of your check now grows tax-free over decades. It lowers your tax bill today and, presumably, will result in lower taxes in the future when you begin to take\u00a0retirement income<\/a>\u00a0out.<\/p>\n

The assumption is that your cost of living in retirement will be lower, since you are not likely to be making fixed payments such as a mortgage or saving for college for your kids. It’s a win-win, and paying less taxes today makes it easier to set the savings bar higher, earlier.<\/p>\n

3. Invest for the long run<\/strong><\/p>\n

Investing\u00a0well is a matter of seeking to compound your money at a level of risk appropriate for your age. If you are young and have many years until retirement, a portfolio that leans toward stocks makes sense. As you get older,\u00a0that portfolio should shift toward fixed-income investments<\/a>\u00a0that are less volatile.<\/p>\n

Finally, in retirement, your portfolio should be largely income-oriented investments that meet your cost of living while growing into the future.<\/p>\n

Building a\u00a0portfolio of low-cost, efficient stocks and bonds<\/a>\u00a0can be done cheaply using index-style\u00a0ETFs.\u00a0A portfolio approach allows granular risk exposure that can be adjusted over time. It might seem like rocket science, but the fact is anyone can do it and everyone should.<\/p>\n","protected":false},"excerpt":{"rendered":"

Do you save enough? Congratulations, no need to read the rest of this article. Okay, for the 99.99% of you still reading, take heart. Saving is one of those things … Read more →<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":7708,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_wp_rev_ctl_limit":""},"categories":[8],"tags":[62,43],"yoast_head":"\nHave More, Need Less: The Simple Guide To Saving | MarketRiders<\/title>\n<meta name=\"description\" content=\"Do you see a line that says "Your Retirement" on your check? You should. 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