7 habits of highly effective retirement savers


As a Steven Covey advocate, Tom Anderson’s personal finance article on the CNBC website Monday caught my interest — 7 habits of highly effective retirement savers. You can read the entire article at www.cnbc.com/id/102545493 but here are your keys to success:

  1. Create a budget. Attention to detail here allows for a more predictable retirement.
  2. Max out your workplace retirement plans. At least contribute enough to your retirement plan to receive their employer’s matching contribution.
  3. Calculate how much income you will need to replace in retirement. Make retirement a dollar figure more than an age.
  4. Use educational materials at work. Or resources provided by financial magazines and brokerage houses and banks.
  5. Buy life insurance. Have at least enough to cover any debt or mortgage you have. Term life insurance is cheaper than cash value life insurance and is best for most people.
  6. Consult a financial advisor. Seek wisdom and counsel. We all have talents in many areas, but we don’t know all the answers ourselves.
  7. Discuss your retirement lifestyle with your spouse. I think this should have been #1. I don’t know how you can properly budget and prepare for retirement with your spouse’s perspective.