With Careful Planning You Can Afford Sending Money Remittances to Loved Ones AND Retirement
If your “golden years” are fast approaching, you’re probably excited about the prospect of living out your greatest dreams. Maybe it’s time to purchase the beachside vacation home with 20-foot ceilings, or splurge on the sports car you’ve always fantasized over. Maybe you want to spend time traveling the nations, or simply want to learn how to garden. No matter what your dream is, finances have and always will play a role in your ability to fulfill it. For those fast approaching retirees who have loved ones overseas, the habit of sending money abroad to family might stifle the plans they have for a luxurious retirement.
Money remittance is very important when helping families abroad, but if you want to enjoy your retirement while still sending money abroad, start being more strategic with your retirement future by following these steps:
It’s obvious, but people don’t do it enough. When rainy days come (and they always do) a savings can be a lifesaver that keeps you out of needless debt. Savings will especially be handy for family members abroad who might need a lump sum of money to survive a sudden crisis. By having an extra savings—you should be able to address unexpected events, while still maintaining the same level of style that you had before the emergency took place.
Make IRA Contributions
When you pour into a Roth or traditional IRA, your allowing your money and assets to grow without being hindered by taxes. You are able to keep more of your money in the long run. Traditional IRA allows your earnings to grow tax-deferred, meaning you pay taxes once the money has been taken out (which is generally at retirement age). With a Roth IRA, you are taxed upfront and do not pay taxes on the earnings. These are two simple ways your money can work to your advantage for retirement.
Maximize 401(k) Contributions
If you have a 401(k) through your job, try to put in as much as you can to maximize on returns before you hit the funding caps. If your employment offers matching funds, at least put in enough money to be able to trigger it. Matching funds are free monetary contributions jobs put into an employee’s account, provided they meet the minimum amount and guidelines. Basically, just by committing to save a certain amount of money- you’ll receive free money from your job.
Lucky Money Helps You with Sending Money Abroad
There are many ways to plan for your retirement, so why not help yourself and your family during the process? Having a solid retirement fund will give you the freedom necessary to conduct remittance without needing to change your lifestyle. Check out Lucky money online or call (888) 826-4427 to learn more today