At the beginning of this journey, you should accustom yourself to save small, comfortable amounts, and it’s essential to do this regularly – once a month or at least once a quarter.
First of all, non-professional investors need to avoid all speculative types of investment, such as currency transactions in the Forex market and investments in cryptocurrency, since these are very risky options. In addition, pension savings should be risk-free, so you need to diversify your portfolio no matter how trite it sounds.
Consider opening an Individual Retirement Account. A traditional IRA provides excellent opportunities for retirement savings since earnings are tax-deferred, and your investments may be tax-deductible.
If you have some extra money, don’t waste it. Every time you get a raise, a cash gift for your birthday, or receive a salary from a part-time job, increase the percentage of investment in your future retirement account.
5. Focus on physical health and traveling while young
Medical care doesn’t get cheaper over time. And our body doesn’t get younger, so focus on maintaining your health while you are young and full of energy.
The National Council on Aging has a portal that describes various benefits to help cut costs. So, you may be eligible for benefits, including health care and services, housing, employment, and so on.