Davis Retirement Planning
In regard to Davis retirement planning, the magic number is seventy. Seventy is the percentage of your annual Davis income that you will need your California retirement planning account to yield in order to retire. This is a fairly universal CA retirement planning goal, and a good one for everyone to have. However, this does not necessarily mean that if you have saved less than enough to earn payouts of seventy percent of your current Davis salary that you cannot retire. If you plan carefully, you can in fact make your Davis retirement planning account work harder for you and go farther than you ever expected. This can take strides in enabling you to retire with less than the seventy percent goal.
Wait Until You're Older
As with any California savings account, the longer you can leave the funds you have in your Davis retirement planning account untouched, the better it is. This is because every cent that is in the CA retirement planning account has potential to earn you more money in interest and or dividends. Therefore, if you hold off even a handful of years, your California retirement planning account can grow quite a bit. Additionally, the longer you wait to use the funds in the Davis retirement planning account, the fewer number of years you will have to rely on it. For example, if you retire at 50, you will draw on the Davis planning account for 15 years longer than if you were to wait until you turn 65.
Also, Social Security will reward you for waiting. There is a maximum amount that every person gets from Social Security as a payout. This maximum is determined by your age and the year of your birth. So, retiring before you are 'maxed out' for your Social Security payout means you are actually losing money every time you take a payout. If you hold off until your determined maximum amount age, you can earn the full Social Security benefit amount you are allotted for the remainder of your life.
Budget Budget Budget
The most responsible way however to do more with less in regard to your Davis retirement planning account is to be frugal now, and fiscally responsible. Do you live outside of your means? Sometimes it can be difficult not to 'keep up with the Jones'. However, this really doesn't do you any favors now or in the future. Let's be honest here, any and all 'extra' money you have should be contributed toward saving for your Davis retirement. This is especially true for everyone the older they get. Certainly you should never fore go the essentials, and we are not recommending you live like a miser. However, until you are saving the right amount to hit that seventy percent mark, your main focus with your slush money should be as contributions to your CA retirement planning account.
So how does one go about freeing up more funds to help in this endeavor? The best way to do this is to cut back or out anything that you don't need. Clearly, you need certain things such as groceries, transportation, a home, etc. However, do you really need to pay full price for the newest book by your favorite author, or could you wait and get it used or on sale? Or how about staying in and cooking your own meals rather than going out. Is your place of employment close enough that you can ride your bike part or all of the time? Can you carpool? Will they let you telecommute? All of these options save money on gas while also lowering the amount of wear and tear on your car. A few simple changes to your Davis weekly money spending routine can really free up a lot of funds that could then be contributed to your Davis retirement planning account.
Another way that you can ensure you have ample funds available to put into your Davis retirement planning account is to start bringing more money in. Certainly most of us work very hard. Forty hours per week is a lot of time to spend working, and some of us already spend more than this. However, if you can at all find a way to earn more, this will be a big boost to your Davis retirement planning endeavor.
Perhaps you are married and your spouse can take on a job. Or perhaps there is a better paying one out there in Davis somewhere for you. Maybe you can find something to do on the weekends that coincide with your hobbies but can earn you a little cash. Every little bit that you can add to your Davis retirement planning contribution is a step in the right direction.