5 Tips to Help You Save for Retirement

Posted by: Joel M. Nagel    Posted Date: Tue, 12/10/2013 - 2:32pm

Categories: Retirement

saving for retirementOne of the challenges facing the baby-boomer generation has been saving for retirement. The last thing you want is to find that you are short on funds during your retirement years. That’s why it’s beneficial to prepare for retirement ahead of time. Saving for retirement will put you in the position to fully enjoy your time off from work.
 
Here are 5 tips that you can use to effectively save for retirement.

1. Set up a retirement account

If you do not have a retirement account, then you may be missing out on tax savings for your investments. If you are self-employed or are an entrepreneur, you should learn about the types of retirement accounts that you can create on your own. Otherwise, your employer will likely have retirement account options that you can utilize.

2. Balance your investments now

It is important to take a look at your portfolio to make sure that you have invested in a variety of bonds, stocks and funds. If you need help choosing investments for your portfolio, particularly those offshore, an international attorney may be able to help you. You can meet with them to learn about strategies for investing your funds.

3. Use direct deposit options

If you receive a paycheck on a regular basis, then an easy way to begin contributing more of your funds to a retirement account is to set up direct deposit. When you automatically have funds taken out of your paycheck, you will be more likely to maximize the contributions that you make to a retirement account.

4. Use offshore asset protection

Another option that you may want to consider is using offshore asset protection. Offshore trusts can give you the opportunity to grow your funds with minimal taxation. An international lawyer can help you invest your funds in a jurisdiction that has favorable tax laws. You have likely worked very hard to build your wealth over the years, and it is important that you enjoy this wealth in your retirement years. So it would be in your best interest to utilize an international attorney to help you invest your funds in the smartest manner possible.

5. Start saving as early as possible
 
Even if you are a young investor, it is never too early to begin thinking about retirement. The funds that you save now may grow exponentially in the upcoming years. You may be able to compound the interest on investments that you make now. If you want to truly maximize the funds that you have currently, then it is best to start contributing to a retirement account now.

From the different trusts that you can set up to help you save for retirement, to creating an offshore account that may help you save thousands of extra dollars for your retirement later, these are just some of the tips that if utilized, can help you enjoy greater wealth during your golden years.

IRS Circular 230 Notice: The Statements contained herein are not intended to and do not constitute an opinion as to any tax or other matter. They are not intended or written to be used, and may not be relied upon, by you or any other person for the purpose of avoiding penalties that may be imposed under any U.S. Federal tax laws or otherwise.