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1. Don’t Rely Only on Social Security
Depending on Social Security alone is like trying to run a marathon on one sneaker. It’s not gonna end well.
Those checks will help, sure, but they won’t cover the lifestyle you actually want.
Here’s what to keep in mind:
Social Security replaces only part of income, usually around 40%.
Inflation eats value, meaning your money buys less over time.
Extra savings = freedom, so you’re not counting every penny in retirement.
👉 Here's How You'll Do It: Treat Social Security as a bonus, not your base plan. build savings through 401(k)s or IRAs now.
Make It Easy: Try Boldin to estimate how much extra savings you’ll need beyond Social Security.
2. Start Saving Early
The earlier you start, the easier retirement becomes. Because time does the heavy lifting for you.
Even small amounts now can grow into something big later (thanks, compound interest!).
You’ll thank yourself for starting today:
More time = more growth, since compound interest works like magic over decades.
Smaller effort needed, because little contributions grow huge over time.
Less stress later, when retirement feels comfortably within reach.
👉 Here's How You'll Do It: Open a retirement account now and set up automatic weekly or biweekly deposits, no matter how small.
3. Automate Your Savings So You Don’t Skip It
Let’s be honest. manual saving is like remembering every kid’s school event… It’s not happening.
Automation makes sure you never “forget” to invest in your future.
Here’s why it works like a charm:
Removes temptation, since money moves before you can spend it.
Builds consistency, keeping you on track even during busy months.
Makes saving painless because it runs in the background.
👉 Here's How You'll Do It: Set automatic transfers from checking to your 401(k) or IRA right after payday.
4. Build an Emergency Fund Besides Your Retirement Savings
Your retirement fund isn’t your “oops” money stash. It’s your “I’m done working” fund.
An emergency fund protects your long-term savings from surprise expenses.
Here’s why this buffer matters big time:
Stops early withdrawals, which kill compounding growth.
Covers sudden costs, like car repairs or medical bills.
Keeps your plan intact, no matter what life throws your way.
👉 Here's How You'll Do It: Save 3–6 months of living expenses in a separate, easy-to-access account.
Make It Easy: Open a Betterment Cash Reserve Account to keep emergency cash liquid but earning interest.
5. Pay Down Debt Before You Quit Working
You can’t relax in retirement if your bills are louder than your alarm clock.
Eliminating debt now gives your income room to breathe later.
Here’s why debt-free living feels so good:
Reduces monthly pressure, freeing up cash for travel or hobbies.
Cuts stress, since you’re not juggling interest payments.
Makes fixed income work, because you’ll need less to live well.
👉 Here's How You'll Do It: Use the debt snowball method. tackle the smallest balance first and build momentum from there.
Make It Easy: Try Undebt.it to create a clear, step-by-step payoff plan that keeps you motivated.
6. Keep Living Costs Low as You Grow Wealth
Just because your income increases doesn’t mean your lifestyle should.
Keeping expenses steady while savings rise is the quiet secret to long-term freedom.
Here’s why this strategy wins every time:
Prevents lifestyle creep, the silent wealth-killer.
Boosts savings rate, giving compounding more to work with.
Increases peace of mind, since lower costs mean more flexibility.
👉 Here's How You'll Do It: Whenever you get a raise, save half and spend half instead of upgrading everything.
Make It Easy: Try Rocket Money to track monthly bills and spot where lifestyle creep is sneaking in.
7. Plan for Rising Healthcare Costs Early
Healthcare might be your biggest retirement expense. yep, even more than travel or housing.
Planning now saves you from sticker shock later.
Here’s what smart preparation looks like:
Budget for inflation, because healthcare costs always rise faster than others.
Use tax-advantaged accounts, like HSAs, to save smarter.
Get the right coverage, so surprises don’t wreck your budget.
👉 Here's How You'll Do It: Start contributing to an HSA and review your coverage annually to stay prepared.
Make It Easy: Open a Lively HSA account to save and invest tax-free for future medical expenses.
8. Diversify Your Investments to Lower Risk
Putting all your money in one place is like feeding all your snacks to one toddler. It’s not coming back.
Diversification keeps your money safer and steadier over time.
Here’s why it’s your safety net:
Spreads risk, so one market swing won’t wreck your plans.
Balances performance, blending growth and stability.
Improves long-term returns, because slow and steady usually wins.
👉 Here's How You'll Do It: Mix stocks, bonds, and index funds that match your comfort level and time horizon.
9. Create a Retirement Income Plan That Lasts
Retirement isn’t just about having savings. It’s about making them last.
A clear plan helps you spend confidently without fear of running out.
Here’s what a good plan includes:
Multiple income sources, like pensions, 401(k)s, and side income.
Withdrawal strategy, to stretch your money for decades.
Tax-efficient planning, so more stays in your pocket.
👉 Here's How You'll Do It: Work out how much you can safely withdraw each year, usually around 4% of your total savings.
Make It Easy: Use Boldin to calculate sustainable withdrawal rates and project lifetime income.
10. Save Enough to Enjoy Life, Not Just Survive It
You’re not working all these years just to stress over every dollar later.
Retirement should feel free, not frugal.
Here’s how to make it joyful, not just sustainable:
Plan for fun, like travel, hobbies, and family time.
Budget for joy, not just the basics.
Balance saving with living, so you never feel deprived.
👉 Here's How You'll Do It: Estimate your dream lifestyle costs now and build your savings target around them. not the other way around.
Make It Easy: Try Boldin to visualize how much you’ll need for a happy, comfortable retirement.
Hey, I'm Lily! I'm a mom who's really good at two things: stretching a dollar and talking about stretching a dollar. I created Money Vice after one too many grocery trips where I watched my total climb and thought, "There's gotta be a better way." Spoiler: there is. Think of me as your money-savvy friend who's always got a tip (and coffee in hand).
