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What Can I Do To Save For Retirement?

DrivingMyCarThe average American has not calculated how much they would need to live their current lifestyle after they retire. Less than 50 percent of the population has even attempted to figure out how much they will need in retirement. So, where should you begin?

 

  1. Figure out how much you need to retire. Living in retirement is expensive. If you expect to continue living your current lifestyle, you will need approximately 70 percent of your preretirement income to keep that standard of living. Depending on how much you earn, you may need a little more or a little less. The bottom line is that you need to know how much you will need first.
  2. Start saving and stick to it. You are never too old to start saving for retirement. Start small if you have to, but devise a saving plan and stick to it. Once it is a habit and you begin to see your money grow, you will be even more motivated to build your nest egg.
  3. Pay yourself first. If your employer has a retirement savings plan, contribute as much as you can each and every month. Your employer will kick in some – most companies match employee contributions – and your balance will increase over time. Sign up for an automatic deduction out of your paycheck. Make sure you understand all of the ins and outs of your plan including your employer’s contribution and how long you need to be in the plan to receive the full balance.
  4. Understand how basic investments work. You should study different types of investments and understand how your employer’s retirement savings plan works. Put your savings in a variety of investments. This helps you to reduce your risk and improve your rate of return.
  5. Do not withdraw from your retirement savings plan. There are a number of reasons why you should not pull money out of your retirement savings plan. Sure, a vacation to the Bahamas sounds great, but so does 20-plus years of doing whatever you want day in and day out while you’re retired.
  6. Set up your own IRA. You can invest up to $5,500 per year into an Individual Retirement Account. You can start with much less. There are different types of IRAs as well, including the Roth IRA and the traditional IRA. Both are easy to set up and provide large tax breaks.

 

It would be ideal if you entered retirement debt-free. If you have excessive debt, consider consolidating with a car title loan from Embassy Loans. An auto title loan can help someone reduce their debt quickly. Be sure to have a plan to pay off the car title loan quickly too, so that you can enjoy retirement debt-free.

 



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.