Ramsey recommends allocating 15% of your income to retirement savings. No matter how old or young you are, putting away some percentage of your income will set you up for retirement later. According to Ramsey, “Small everyday choices make the difference in the long run.”įlorida’s Retirees Are Fleeing: Here’s Where They’re Going Instead Invest Part of Your Income Toward Retirement When you stick to your budget consistently, it becomes a habit and you’re forced to only spend money you have previously budgeted for.
The most insignificant amounts can build up over time, and exceeding your budget can result in a loss of funds that could have been channeled into your retirement. Ramsey said, “Living debt-free gives you the freedom to do more with your money.” Stick To Your Monthly BudgetĮvery dollar counts. This can mean no credit card use and more cash use within your income bracket. Your income is the greatest tool you have to build wealth - so use it to the best capacity. Dave Ramsey, an expert financial advisor who teaches financial management, shares nine successful things people do for retirement.
