Sleep Easy at Night: 12 Straightforward Savings Tips that Practically Promise a Comfortable Retirement


When the time comes to retire, how ready will you be?

Asking this question before it’s too late is essential for ensuring a comfortable retirement.

Save your future self from potential financial distress and get on the right path of smart saving today with these straightforward savings tips that practically promise an enjoyable retirement life!

#1. Define What a Comfortable Retirement Looks Like to You

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Everyone’s ideal retirement looks different. 

Some people look forward to a simpler life once they reach their golden years. 

Others want plenty of money to go on vacations, buy things they wouldn’t usually purchase, and live lavishly. 

Defining what a comfortable retirement looks like to you will play a significant role in your retirement goals. 

#2. Follow the General Rule of 25 Times Your Yearly Expenses

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A lot of people look for a one-size-fits-all approach when it comes to retirement. 

But others can’t tell you how much you’ll need. 

That said, one general rule of thumb is to save up to 25 times your annual expenses. 

This gives you ample wiggle room, especially if you’re looking for other ways to generate cash for retirement that will help you exceed your goal. 

#3. Think About Homeownership

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One of the biggest ways seniors reduce their expenses is by owning a home. 

Owning a home is a major financial obstacle in and of itself, but it’s something that you should focus on as soon as possible. 

Once you own a home, the only thing you’ll owe later on is property taxes. 

Otherwise, you’ll have to worry about your social security and investments paying for your other living costs while you’re also trying to manage rent or mortgage payments later in life. 

#4. Calculate Social Security Based on Expected or Desired Income

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There are plenty of Social Security calculators out there that can help you determine how much you can expect to receive once you retire. 

Calculating this based on your expected income over the years (or your target income) can give you a better idea of how much Social Security will offer you and how much you’ll need in other income and investments to take you the rest of the way. 

#5. Is Marriage in the Cards?

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Marriage for financial purposes isn’t a good idea, but marriage is something to consider when planning for retirement. 

If you are going to get married, how much do you expect your partner to contribute so you both can live comfortably?

If you’re currently married, how far along are you in your mutual goals for retirement? 

These are important questions to ask that will undoubtedly impact your future. 

#6. Research Retirement Plans Now

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Financial literacy is crucial to a comfortable retirement. 

Set aside time to look at retirement plans that you might be interested in, or ask your employer if they offer these types of plans so that you can get started. 

If you’re self-employed, don’t worry. 

There are plans for everyone that can help you reach your retirement goals, even if they may not be as attractive as employer-offered plans that might not be available. 

#7. Consider Alternative Investments

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Common retirement plans aren’t the only investments you should put your money into when considering retirement goals. 

You should also consider dividend-paying stocks, index funds, or mutual funds. 

Beyond that, however, people tend to forget about alternative investments. 

This might include hedge funds or real estate. 

Don’t fall for scams, but don’t necessarily brush off all alternative investment types. 

Most alternative investment types can be quite lucrative if you have the funds needed to get yourself started. 

#8. Look Into Passive Income Streams

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Generating income over time that you can put towards your retirement goals alleviates some of the stress you would otherwise have to go through trying to work for all of your retirement savings. 

Some people develop passive income streams by renting out homes they own, selling e-books, affiliate marketing, or even online lending. 

The goal here is to develop other income streams without too much work so you can start building your wealth seamlessly.

#9. Where Do You Want to Live?

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Where you choose to live can significantly impact your retirement funds. 

High cost of living areas are naturally going to require you to pay more over time. 

You’ll also need to factor in any potential taxes you must pay if you earn income, property taxes, and more. 

Make sure your desired retirement location is factored into your goals, too. 

#10. Remember to Factor in Inflation

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Inflation can have a massive impact on your budget, as evidenced by the current state of the economy. 

Don’t just plan for retirement based on the number now. 

Consider how much the dollar might be worth in the future to avoid losing money over time. 

#11. See What Those Around You Are Aiming for

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Don’t know what to shoot for?

Don’t be afraid to ask around! 

See what friends and family are aiming for regarding retirement goals and whether that aligns with your needs and wants so you can better understand what you might realistically aim to retire with. 

#12. Think About How Much You Can Save Starting Now

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Not everyone saves for retirement at the same time. 

Some people have their timelines pushed forward due to various circumstances. 

Ask yourself, how can you get started now?

Getting started later is better than never, and it might change your goals somewhat, so it’s essential to be realistic or figure out what you need to do to catch up. 

Best Retirement Calculators

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Are you confused trying to understand how much money you need for retirement?

You’re not alone. It can be a complicated process. The good news is there are some simple calculators to use to make figuring out your number easy.


Best States to Retire

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While these were the worst states to retire, what are the best states?

Here are the ones with the highest quality of life, affordability, and access to healthcare.


How To Start Over Financially At 50

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It can be difficult to start over financially at any age. But when you are 50, there is added pressure.

Not only do you have a limited number of working years left, but you also see how well others in your peer group are doing.

If you are starting over at 50, don’t give up hope. Here is how to drastically improve your finances.


How Much Money Do You Need For Retirement

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Do you know the right amount of money you need to enjoy retirement?

Headlines tell you that you need $1 million dollars or more. But this might not be the case. Find out exactly how much money you need.


Learn How To Save $100K

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Saving money can be hard, especially if you are looking to have $100K in the bank.

But while it feels difficult, don’t let this stop you. Here is how you can save $100,000 in nine steps.

HOW TO SAVE $100,000

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