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How Do I Feel About Retirement?

July 24, 2024 One of my financial priorities is to have a retirement plan. I came to this country 23 years ago, and even though I worked multiple jobs, I couldn’t start a retirement plan until later in life. When I finally landed a job in my field that offered good benefits, including a matching 401(k), the 2008 Great Recession happened. The bottom line is that I haven’t been able to save the necessary percentage for my retirement for a while.On top of that, I admit that I didn’t have the financial literacy to understand how to calculate my retirement, how to manage my assets and how my capacity to invest and purchasing power depended on my income and debt.After my divorce, selling my house and reorganizing my life to a new financial situation, I started learning more about my finances. I made an appointment with a financial advisor at Summit Credit Union. It was an eye-opener to see my financial situation up close, and at the same time, it was a relief to know that I have options and could create a plan to achieve my retirement goals.Shortly after, I was accepted to participate in the Project Money program. Since then, I have been working with a financial coach to create a plan to pay down my debt, increase my savings and contribute to my retirement and investments.Working with a financial coach has helped me model my spending based on my income, understand how much capital I need, find out how much money I need to save, learn how to invest and discover how to maximize my retirement contributions based on my current situation and lifestyle.I feel more comfortable now with my finances because I can see all my options. I feel confident with the plan we created and know that I can adjust this plan based on my progress and whatever life throws at me. You might also be interested in I am committed to continuously learning about financial strategies, and developing good money habits is essential for long-term financial success. Here... Here are some steps I can take to prepare: 1. Review of my financial goals. I am reflecting on my financial goals for the past year. What did I achieve... It has been challenging to save after the holidays or recuperate the money spent on gifts, hosting parties or traveling. I am trying a few strategic plans... Developing sustainable money habits is essential for managing my finances to ensure financial freedom. Here are some strategies that helped me maintain... This is the holiday season. For me, it is time to visit my family, take a little vacation and relax after a year of working. But it is stressful to think... Reflecting on my financial journey since the beginning of the year, I realize it was full of surprises, challenges and learning experiences about finances... Every holiday season, I travel to my country, Colombia, to visit my family, and I also travel for my birthday during Thanksgiving. At the beginning, I... Keeping up with my financial goals takes time, discipline and ongoing commitment. Here’s how I am building my path toward a more secure financial future... After I started looking closely into my finances, I could analyze my strengths, weaknesses, threats and opportunities by organizing my money based on my...