As hard as it is to believe, the cryptocurrency market only gained traction in 2019. And since then, the number of people attracted to the blockchain’s cryptocurrency trade has continued to increase. As with investing generally, one of the potentially most profitable trading strategies on the crypto market is a long-term approach. Because of this, most investors continue to search for opportunities to get in on the ground floor of the next unicorn. This can help diversify their investments.

RoboApe is a cryptocurrency that many investors are turning to. Let’s take a deeper look at what you should know about this new digital currency. 

About RoboApe

RoboApe, a meme token project, is built on the Ethereum blockchain. This token utilizes the ERC-20 standard and contains the ticker RBA. RoboApe is community driven. The new cryptocurrency project aims to improve the Ethereum’s current mechanics and operations. There are also no monetization methods or team incentives with RoboApe. This helps prevent team members from gaining full control of RoboApe’s governance.

The Ecosystem 

Like other blockchain projects, RoboApe also has an ecosystem. And the main goal of its ecosystem is to have a unique meme token utility that provides benefits to the holders. This ecosystem offers more incentives for investors to credit, lend, and liquidize assets. 

RoboApe has a decentralized community. This means there is no leadership. This helps promote good community governance and camaraderie. Because of its decentralized community, RoboApe enables everyone to buy and earn their places in the ecosystem. The following are the features of the RoboApe ecosystem:

RoboApe DAO – promotes a community-driven ecosystem

RoboApe Academy – teaches users how the coin market works to the users

RoboApe Finance – includes the RBA token and financial opportunities

RoboApe NFT Marketplace – for switching and improving your gaming experience

How RoboApe Works

RoboApe is equipped with a built-in burning mechanism. Users are charged a transaction fee each time they utilize its platform for a trade. The fee is split in half, with half being “burned” and the remaining half going to the RBA holders. The built-in burning mechanism gives long-term holders the opportunity to be rewarded for the RoboApe crypto. 

The RoboApe token works like other Ethereum tokens using the ERC-20 standard on the blockchain. Because of this, you can store RBA tokens within any of a number of compatible wallets. You can even use them in various decentralized finance protocols. 

RoboApe Features

As mentioned, RoboApe’s key features are what makes it unique. Let’s take a closer look.

RoboApe NFT Marketplace

The RoboApe NFT Marketplace is a unique platform that aims to improve NFT minting. This marketplace also allows you to trade your minted NFTs. The marketplace accepts gas fee payments in RBA tokens. It also hosts special NFT minting events for the users in the RoboApe community. 

RoboApe Swap

Swapping coins in between different blockchains continues to be a challenge today. RoboApe Swap facilitates this process. It’s a new feature that allows cross-chain swaps by creating bridges between isolated blockchains. RoboApe Swap also allows token swapping at affordable costs. 

RoboApe Esports

Because RoboApe is a community-driven meme coin, it aims to establish connections within the ecosystem. One of the ways how it can achieve the desired interaction is through games. This platform promotes community sports contests to improve the users’ gaming experience. RoboApe hosts decentralized and community-driven Play-to-Earn leagues and games for players. The best part is that all players with varying skill levels can join. 

Participating members receive incentives like prize pools, endorsement possibilities, and prospective sponsorships. The RoboApe ecosystem also intends to hold charitable events and games to foster congeniality and a stronger sense of community in the crypto world. The contests take place on RBA’s established platform. This guarantees various safeguards are in place to ensure that RoboApe awards prizes and tokens in a fair manner. 

RoboApe Academy 

RoboApe aims to improve its users’ understanding of cryptocurrencies and blockchain technology. As part of this mission, RoboApe has a free education hub. It contains extensive information about the crypto world and offers informational materials to both novices and professionals in crypto trading. RoboApe Academy ultimately aims to address Distributed Autonomous Organizations (DAOs) and blockchain issues. 

The RoboApe (RBA) Token

The main deflationary token powering the RoboApe ecosystem is the RBA token. It mainly acts as the medium of exchange. The RBA token allows users to settle their transaction fees through various operations. The RBA token also serves as a governance token. Owning one gives you permission to cast your vote in any RoboApe network upgrades and changes. Because the RBA token is a deflationary token, its total number will keep decreasing. This is accomplished via a built-in burning mechanism. 

How You Can Buy RoboApe 

If you wish to buy RBA, all you need to do is visit the coin’s website. You can sign up for RoboApe’s presale for free. After signing up, the process is simple. Just choose a cryptocurrency that you want to make your purchase with and use it to join the presale. After you complete the presale sign-up process, you can track your RBA tokens’ progress using the website dashboard.

RoboApe: The Future of Crypto

RoboApe possesses the necessary features to become a futuristic meme coin, such as the RoboApe Academy and their Esports options. Because it contains impressive features, it aims to make a mark in the crypto world. Speculating in RoboApe can be a strategic way to achieve financial freedom. If you’re interested in growing your wealth, this might be a good choice.

NFTs have become increasingly popular in online communities, especially those that discuss and deal with cryptocurrencies. Despite being closely related to the cryptocurrency world, NFTs are not the same thing. Let’s take a look at what NFTs are, how they work, and how to purchase them.

What Are NFTs?

NFTs—or non-fungible tokens—are digital assets. They can represent real-world creative works such as physical objects as well as music, art, videos, and in-game items (games being activities introduced by the blockchain to encourage mining). NFTs are bought and sold online and encoded using the same software as most cryptocurrencies. Basically, NFTS can do four main things: simplify transactions, remove intermediaries, eliminate fraud, and facilitate the creation of new markets.

Non-fungible tokens have been around since 2014, but it’s only recently that they have become (arguably) mainstream. In 2021, the net worth of the NFT market reached $41 billion, almost equal to the worldwide fine art market. Like fine art, non-fungible tokens are also unique, each with an individual identifying code. Because of this, it’s impossible for two NFTs to be substituted for one another.

NFTs are located on blockchains. It’s how these digital assets can remove go-betweens from the transaction process, instead encouraging direct interactions between buyers and sellers. Artists can use NFTs to establish a more direct connection with their audiences.

The current market revolves around collectibles, including sports cards, digital artwork, and rarities. Currently, NBA Top Shot is one of the most hyped NFTs. The NBA Top Shot is a safe space for collecting NBA moments tokenized by NFTs in digital card form.

How Do NFTs Work?

Non-fungible tokens exist on a blockchain. A blockchain is a public ledger distributed to record transactions. There are numerous blockchains available, but you can mostly find NFTs on Ethereum. NFTs are “minted” or created from digital objects that indicate ownership of tangible or intangible items, such as GIFs, graphic art, collectibles, sports and video highlights, video game skins, virtual avatars, music, designer sneakers, and even tweets.

Yes, even tweets count. Jack Dorsey, a co-founder of Twitter, sold the first tweet he ever posted as an NFT and received more than $2.9 million. If you have physical collector’s items, think of NFTs as a way to own the digital original. NFTs are a way to communicate pride of ownership in lieu of displaying a physical item that people may or may not be able to access.

Investors who own NFTs also obtain exclusive ownership rights. And because NFTs use blockchain technology, verifying ownership and transferring tokens are both easier. NFTs also allow investors to store important information via metadata.

Why Are NFTs Important?

Non-fungible tokens create digital scarcity by creating a definitive version of an electronic file. Because they are accessed via the blockchain, transaction records cannot be modified and ownership can always be verified. This streamlines processes and does away with the need for intermediaries, and eliminates fraud and fakes. Instead, NFTs allow artists to establish direct connections with their patrons.

It is tempting to consider NFTs a type of cryptocurrency. However, they’re actually not the same. Cryptocurrencies and NFTs rely on the same type of programming, but cryptocurrencies are fungible. This means each unit of cryptocurrency is identical in value. One Bitcoin will always be equivalent to another Bitcoin. It is one of the things that makes cryptocurrency a trusted method for conducting blockchain transactions. NFTs are non-fungible, meaning you can’t interchange them. Each token has a different digital signature.

How Do You Buy an NFT?

The first thing to do if you want to purchase NFTs is to open a digital wallet. This is a platform that will allow you to securely store cryptocurrencies and NFTs. There are a number of NFT and cryptocurrency wallets, including Kraken, Coinbase, eToro, Robinhood, and PayPal, among others. There are also wallets intended specifically to display NFTs after they have been purchased, such as OpenSea.io, Rarible, and Foundation.

Once you’ve created a wallet, you can use a debit or credit card to purchase NFTs. When selecting a platform or wallet, just make sure to factor in the cost of fees. Most exchange platforms charge 1 percent of your total transaction when buying cryptocurrencies.

What Are the Pros and Cons of NFTs?

NFTs have numerous advantages. For one thing, NFTs involve the digitization of assets. This expands their market, leading to higher prices and greater liquidity. NFTs can also enhance the diversification of financial portfolios. Another benefit is that NFTs use blockchain technology. This system allows the permanent, public recording of information. It is impossible to delete, hack, or alter.

As long as your NFTs are stored on a blockchain, you will have immutable and verifiable authenticity records. These records prevent theft or mishandling. Once you add the data to the chain, no one can ever change or delete them.

Despite these benefits, there are still some downsides to NFTs. They do not offer income potential to investors; NFT prices can be volatile because the marketplace is small.

What Does the Future Hold for NFTs?

In the end, NFTs are like any other investments. You must do proper research and background checks before starting with them. However, the projected future outlook for NFTs is positive. If you’re seeking to grow your wealth and are digitally savvy, these are a potential option. Here is an important article from November of 2021, by technology website Hongkiat.con about the more serious uses of NFTs.

Despite pushback against cryptocurrencies, all signs show they’re here to stay. One such cryptocurrency that’s here for the long haul is Bitcoin.

As valuable as Bitcoin may be to future investors, many people don’t know how to properly start investing in it. If you’re considering purchasing Bitcoin, it pays to know how to make safe, smart investments. Here’s how to get started investing.

What Is Bitcoin?

To make smart investments in Bitcoin, it’s important to know what it is and how it works.

Bitcoin is one of the most widely used types of cryptocurrencies. With Bitcoin, virtual “tokens” or “coins,” are used instead of physical cash. Bitcoin doesn’t have an intrinsic value and it isn’t backed up by gold or silver. In other words, it’s a decentralized currency that isn’t backed by any particular government.

Because of that, Bitcoin has also been used in shady dealings in the past. Since it’s harder to trace and is generally anonymous, it’s opened the door to cybercriminals using it to make money.  Some prominent central bankers and global financial figures have denigrated Bitcoin for this reason, even as everyone knows that the US dollar is still the leading choice for global money laundering and other nefarious activities, such as drug dealing and arms sales.

However, despite its seedy past, Bitcoin can still be a safe and legal investment. It’s a great way to start earning cash that doesn’t follow the same fluctuations as standard fiat currencies.

How to Get Started Investing in Bitcoin

Now that you have a more solid understanding of what Bitcoin is, let’s talk about how to start investing in it. There are a few steps you’ll need to take to make your investments successful.

Step One: Join a Bitcoin Exchange

The first step to investing in Bitcoin is to determine where you want to make a Bitcoin purchase. There are no official Bitcoin companies, but you’ll find that several different exchanges facilitate Bitcoin transactions.

Some of the most popular exchanges include Coinbase, Binance, Kraken, Gemini, and Bitfinex. Regardless of which you pick, make sure that it’s a platform that’s safe, reputable, and makes sense for your situation.

Step Two: Create a Wallet

Bitcoin is stored in “wallets.” These are virtual platforms that help keep your cryptocurrency safe and reduce the likelihood that hackers and scam artists will steal your hard-earned coin.

There are two types of Bitcoin wallets: “hot wallets” and “cold wallets.” Your wallet depends on which cryptocurrency exchange or provider you’re using.

Hot wallets are virtual wallets that are connected to the Internet. They’re convenient because you can access them through the Internet, an app, or a specialized software program. However, they’re also more vulnerable to cyber-attacks and therefore could be risky.

On the other hand, a cold wallet is a physical piece of hardware that stores your coins. A cold wallet is the safest storage method because it’s much harder to hack.

One thing to know is that cold wallets can also get pretty pricey. While some hot wallets are free to join, some of these cold wallets cost around $60 to $100. A simple search on Duck Duck Go or Google or Yahoo for “cold wallets” will give you a good education.

Step Three: Link Your Wallet to a Bank

Once you’ve decided which wallet is for you, you’ll need to connect it to a bank account.

This enables you to purchase and sell coins. Alternatively, your bank account may be linked to your cryptocurrency exchange account.

You can typically link your bank by logging into your bank through your virtual banking platform. Or, you can add a debit or credit card to your wallet.

Step Four: Build Your Wallet

When you’ve got your bank account linked and your wallet set up, you’re ready to purchase Bitcoin. First, however, you’ll need to know how much to purchase.

Since investing in Bitcoin is risky, you must determine your risk tolerance and have a strategy before purchasing any. A good rule of thumb is to start with a low initial investment.

By starting small, you help limit your risk and increase the likelihood that your investments will pay off. 

Step Five: Manage Your Investments and Develop an Investing Strategy

Once you’ve purchased Bitcoin, you’re ready to get into the meat and potatoes of Bitcoin investing. You can use your coins to:

• Make online transactions
• Day trade
• Build value

If you want to wait for your currency to build value, hold onto it and wait for the price of Bitcoin to rise. No matter how you plan to use Bitcoin, it’s important to devise a plan for your cryptocurrency assets.

As an extremely volatile digital asset, your strategy could vary depending on the current value of Bitcoin. In general, you’ll want to wait until the prices fall to “buy the dip” and then buy your coins. As of this writing in late June of 2022, Bitcoin has fallen approximately 68-69% from its high on 11/10/21, so it is clearly a more attractive entry point at the $20,000 level, even as there can still be more downside risk left.

Become a Master at Investing in Bitcoin

Now that you know how to invest in Bitcoin, there are a few tips to implement.

The biggest thing to keep in mind as you invest in Bitcoin is to beware of scammers. There are a lot of people who will make exaggerated claims about the price of Bitcoin, and some of them are dishonest charlatans trying to steal your money.

These scammers often thrive on creating a sense of fear of missing out, also known as FOMO. If you find yourself being pressured by these tactics, don’t many any rash decisions. Instead, keep yourself informed by checking out impartial cryptocurrency industry news. There are an increasing number of private crypto “analysts” on youtube, and many of them offer very good advice, insights, and education.

With these tips, you should have no problem starting a successful Bitcoin wallet. That way, you can start growing your investments for the future.

Cryptocurrencies have been a recurring news item in recent years. They were one of the first investments to emerge after the COVID-19 pandemic. The price of Bitcoin rose rapidly at the end of 2020, going from US$10,000 to over US$65,000 by the second half of 2021.

According to figures and experts, the future of digital currencies should be quite interesting, but it’s still somewhat unpredictable. That is one of the reasons it’s so important to monitor them. Keep reading to learn about the top trends in the crypto space:

Trend #1: The Rise of NFTs

Non-fungible tokens (NFTs) are encrypted digital assets and are one of the most exciting developments in the crypto space. NFTs are a growing trend and it’s said that the market is going to see more demand in the coming months and years. This, in turn, has caused large investors to look at this strategy as one of the most striking.

Tokenization is the process of creating digital tokens that indicate the ownership and rights over some asset that a person has. This applies to personal, real, and digital assets. Blockchains have allowed the partial purchase of properties, with legal rights, without the need to buy a complete property.

Tokenization seeks to advance to the point of being able to invest in any type of asset, making investment in an easy, simple and affordable way. Through this new methodology, it will be possible to have income from renting a fraction of ownership until you want to sell it in tokens. For investors, this could be a trend that leads to new types of profits.

Trend #2: Increased Support of the Crypto Ecosystem

The more prevalent Bitcoins and cryptocurrencies become, the more big banks and platforms begin to take interest in these investment methods. For example, PayPal has already focused its interest on investments with cryptocurrencies. Many other institutions are beginning to offer these investing methods as well.  For example, on 4/26/22, Fidelity Investments announced that they were adding Bitcoin as an investment choice in their 401k programs.  In the case of PayPal, there was a twofold increase in activity among the users who bought cryptocurrencies through the application. 

Trend #3: Increased Regulations

Although at the end of 2021 there was a great regulatory clarification regarding cryptocurrency, one of the “advantages” of this digital business is that it’s not currently regulated or tracked by the government. As a result, it facilitates freedom when it comes to investing and other financial activities.

Still, trends in the cryptocurrency community are showing that industry regulations may soon see a shift. Although Bitcoin and many other cryptocurrencies, for example, are decentralized currencies, governments are seeking ways to impose taxes and regulations on these types of investments.

Trend #4: Institutional Adoption of Bitcoin and Ethereum

Cryptocurrency adoptions increased by 880 percent in 2021. This trend has increasingly become something of a refuge against the economies of each country, the degradation of currencies, inflation, and future pandemics like the one recently experienced.

Given this data, many fintech, banks, and asset managers have competed by offering blockchain payments and investment deals. Even some world-renowned brands began to receive payments with cryptocurrencies, including Starbucks, Amazon, and Microsoft. El Salvador was the first country in the world to accept Bitcoins as currency for legal use and issues bonds that are striking for many other countries with debts in dollars. As of the summer of 2022, several other countries (and US states) are looking to add Bitcoin as a recognized and accepted alternate currency for official daily use, including the payment of taxes.

Trend #5: The Rise of Stablecoin

Stablecoin is a variation of cryptocurrency. Tether is used by 80 percent of the stablecoin market. Tether is based on blockchains where circulation tokens are backed in US dollars. However, the growth of these currencies can also come from other sources. Stablecoins join in DeFi (decentralized finance) applications given their tendency not to fluctuate much in price. This is the most stable currency that has appeared so far in this cryptocurrency trend.

Trend #6: Access to the DApps Market

Decentralized Apps are decentralized tools or applications that allow users to communicate directly with each other, usually through a blockchain. The potential market for these applications is very large, and just like cryptocurrencies, their use has increased drastically. These apps are executed on Ethereum blockchains with DeFi functionalities.

It’s estimated that around 2,000 DApps operate within the Ethereum blockchain. The current trends suggest that DApps are only likely to increase in number.

Trend #7: The Rise of Web 3.0

Web 3.0 or Web3 allows users to control their data and the decentralized use of the Internet in a secure and verifiable way. In web 3.0, there is no surveillance or censorship of any kind. Each user is free to browse as they please. However, needs have arisen with regards to issues like data hosting, management, and computing, among others.

The cybercurrencies supported in web3 include Theta, Helium, Arweave, rendering, Ocean, and Filecoin. The Web 3.0 is expected to grow significantly, benefiting investment businesses that work with cryptocurrencies and Bitcoin.

Monitor Bitcoin Trends before Investing Cryptocurrencies are the latest “It Girl” in the financial world. They are increasingly embedded in everyday life and have been the subject of many rising trends in recent years. By knowing about these trends, you can keep up with what’s happening to Bitcoin and make smart decisions surrounding your investments.

Most people are familiar with cryptocurrency and the idea that the decentralized digital currency could be the way of the future. 

One of these cryptocurrencies is called Marscoin. But what exactly is Marscoin and how does it work? Here’s a quick guide that breaks down what you need to know. 

What Is Marscoin?

Marscoin is a cryptocurrency project founded by Dr. Robert Zubrin in 2014. 

Its main purpose is to serve as a charity project and provide financial support for missions to Mars. 

Users can generate Marscoin through the blockchain mining process, similar to that of Bitcoin. The price of Marscoin fluctuates pretty regularly from hour to hour. Marscoin is currently trading in five active markets.

Mars is listed on many cryptocurrency exchanges, but unlike other major cryptocurrencies, it cannot be purchased directly with fiat money. That can make it a bit harder to invest in than other currencies. 

If you want to purchase Marscoin, you’ll have to first purchase another type of cryptocurrency. Then, you can move to an exchange that allows you to trade that currency for Marscoin. However, you can still easily buy the coin by first buying Bitcoin from any fiat-to-crypto exchange and then moving to an exchange that offers to trade Marscoin.

The Vision of the Marscoin Project

As a cryptocurrency intended to fund missions to Mars, Marscoin will act as a separate currency for people on the Red Planet.

A major problem with the Mars missions of companies such as Mars One and SpaceX is that there isn’t enough money to finance the projects. Experts estimate that the projects will require billions of dollars. This is where the Marscoin project would like to start.

Hundreds of thousands of Marscoins have already been donated to the Mars Society, a nonprofit dedicated to funding missions to Mars, to provide part of the necessary budget for these missions. By purchasing a coin, the buyer supports the settlement missions to Mars. Currently purchased coins will still exist on Mars if the missions are successful.

Key Information about Marscoin

Marscoin is an open-source coin that’s maintained by the Marscoin Foundation. Originally, it started with a value of about 0.0030 dollars. In the years that followed, the cryptocurrency did not see a significant increase, but it has increased fivefold since 2018. Around 28.3 million Marscoins have been generated so far, with a hard cap of 44 million. 

A big advantage of Marscoin over Bitcoin or other cryptocurrencies is its fast processing rate. A transaction can be confirmed in just two minutes, while waiting times can run up to 40 minutes with Bitcoin.

How to Purchase Marscoin

Marscoins are available for purchase both online and offline. They can only be purchased online at Cryptopia. Therefore, a digital wallet is required to complete the purchase and make future transactions. Wallets from Cryptopia are available for all operating systems as a download.

There is also a mobile version for all Android platforms. If you don’t have Internet access, the wallet can also be used offline. Soon Marscoin will be available for trading on well-known websites like Poloniex, Bittrex, or Binance.

Aside from purchasing Marscoin, you can also mine it. This works much the same way as it does Bitcoin—you use mining pools and combined computer power to generate more coins at a lower price. 

Why Purchase Marscoin

While the price of Marscoin was originally low, Elon Musk inadvertently endorsed the currency. 

Since the owner of SpaceX is always involved in new business opportunities and modern trends, many people were excited by his endorsement. With just one tweet, Musk caused the price of Marscoin to rise significantly.

Thanks to this endorsement, Marscoin could be a good future investment. With the price steadily on the rise, investing now could lead to big returns in the future. 

And, if space travel becomes a reality, Marscoin will be our currency. That makes it even more of a critical investment.

The Future of Marscoin

The first mission to Mars is scheduled to launch in 2024 at the earliest, so a short-term investment into this cryptocurrency is speculative. However, a long-term investment could pay for itself over several years. 

Mars missions will likely attract increased attention, which means that the market value of Marscoin has a chance to increase in value. The future is uncertain, but there’s no doubt that cryptocurrencies have an important role in our financial landscape. Marscoin is meant to be a commercial competitor, and you don’t have to be an expert to know that it has many investment benefits. 

Perhaps now is the time to speculate with a small investment in Marscoin. Doing so could provide you with big payouts in the long term. 

Retirement doesn’t just happen. It requires careful planning and commitment to make sure you have the financial stability needed to support yourself into your golden years.  

If you’re thinking about retirement, there are a few things you’ll need to keep in mind. Here are 10 important tips for planning for retirement. 

1. Start Investing Early

When it comes to retirement planning, one of the most important things you can do is to start investing early. The sooner you start saving money and investing in retirement accounts, the better. That’s due to the power of saving over time— you’ll be able to accumulate more wealth over time if you stay at it through thick and thin. 

For example, let’s say you start investing $200 a month for 10 years. Assuming that you receive the average return of 8 percent in the stock market, you’ll have saved roughly $37,000.  Even more impressive—if a 30 year old saves $6,000 per year in a ROTH IRA, and earns an average of 6.5%/year all the way to age 67 ( “full retirement age”), they would have accumulated $856,000 tax free dollars.  If additional dollars were saved in a 401k or ROTH 401k plan along the way, you can see that the saver can come into retirement  in strong shape, without needing to realize “superior” or high returns.  

2. Think Small

Another thing that can help you build wealth is compound interest, small amounts of interest that build up over time. Compound interest can be a great way to save money for retirement. 

Even though it’s just a small amount, compound interest adds up over time. That can make a big difference in your golden years. Einstein called compound interest the eighth wonder of the world!

3. Make a Retirement Budget

Many people don’t know how much money they need for retirement. Try calculating your personal savings goals to figure out how much you’ll need in retirement.

To do so, consider a few factors such as: 

·      Age of retirement

·      Life expectancy

·      Projected retirement lifestyle ( could include more travel and leisure)

·      Current spending habits

·      Current saving habits

Make a rough estimate of how much you’ll spend in each category. This should help give you an idea of what to budget for your retirement years.

4. Plan, Prioritize, Protect

It’s easy to become overwhelmed when thinking about saving for retirement. To help make things less anxiety inducing, you might want to use the plan, protect, and prioritize method. 

Here’s the basic rundown of how this method works:

·      Plan: Experts suggest saving 15 percent of your annual income.

·      Prioritize: Cut expenses or increase your income as you prioritize retirement savings.

·      Protect: Have an emergency fund to cover unexpected expenses so you don’t have to touch your retirement savings.

By following this method, you make it easier to put aside money for retirement. 

5. Enroll in Your Employer’s Retirement Program

It’s common for employers to offer retirement savings plans as part of a benefits package. Many times, these plans will match a percentage of the funds you save. You can think of these “matching funds” from the employer as free money. For example, if your employer will match 50% of the first 6% of your salary that you contribute to the plan, that is a 50% return on your money every year—don’t miss this free money!

If you’re not already enrolled in your employer’s retirement program, you may want to do so. This can be a great way to set aside additional cash for retirement. 

6. Get Professional Financial Help

No matter how much you save on your own, the experts always know better. Financial experts have a deep knowledge of how to manage savings to help get you the cash you need for retirement. 

Try speaking to a financial expert to get a good look at your savings. They can help you better manage your funds and avoid future problems as you plan for retirement. 

7. Be Aware of Inflation

Many people plan for retirement based on the earnings they have right now. However, you need to remember that inflation can alter prices and earnings in the future.

When you plan for retirement, remember to prepare for inflation. Be aware of the fact that inflation will make things more expensive over time, and plan accordingly. A financial professional can help you address the loss of purchasing power over time from inflation.

8. Get Out of Debt

Getting out of debt is one of the most important things you can do when it comes to planning for retirement. Being debt-free means you don’t need as much money every month to meet your needs. 

And, when you have no debt, you can start using the money you were using to pay off loans and credit cards to save for retirement instead. Plus, you won’t have to worry about these expenses once you are no longer earning employment income. 

9. Earn Passive Income

Another great way to start saving for retirement is to look for ways to earn passive income. This helps increase your cash flow and provides you with an extra financial cushion for retirement. 

There are many different ways that you can earn passive income, including: 

·      Peer-to-peer lending

·      Investing

·      Rental property income

With these income streams, you can help supplement your savings when money is running low. 

10. Live Below Your Means

Unfortunately, many people run out of money once they retire. This can force them to return to the workforce to supplement their income. 

One way to avoid this is to practice living below your means. In other words, try to save money wherever you can and avoid living paycheck to paycheck.

Getting into this habit helps free up more income to put into your retirement fund. You’ll thank yourself later. 

Start Planning for Retirement

With these tips, you’ve got the tools you need to start planning for retirement early. That way, you can ensure that your golden years are full of the financial freedom you’ve always dreamed about. 

Many people don’t start saving for retirement until it’s too late. And, a lot of the time, that’s because they don’t know the first thing about finding a good retirement plan. 

To make sure you don’t fall into that trap, it’s a good idea to educate yourself on the different plans available to you. Here are six common retirement plans to be aware of. 

1. 401(k) Plans 

One of the most common accounts people use for retirement planning is a 401(k) plan.  

These plans provide you with a tax-deferred way to invest your money over the decades. Your contributions to the account reduce your taxable income right now. However, you’ll have to pay taxes on withdrawals from the account when you’re retired.  

401(k) plans are offered through your employer. You can automatically allocate a portion of your paycheck to your 401(k), which makes contributing to the account simple. Your employer may also match a percentage of your contributions, which is essentially free money.   

Many 401k plans offer a ROTH account, or ROTH side of the plan, in which you contribute from your paycheck as usual, but the contributions do not reduce your taxable income-they go in as after tax dollars.  The big benefit to doing this is that you build a pool of tax free money-not tax deferred-and when you eventually start your withdrawals in retirement, they are completely tax free.  If you believe taxes are going to go up in the future, this may be a wise long term step to take.   

Pros of 401(k) Plans 

• Automatically contribute from your paycheck. 
• High contribution limits ($20,500 per year or $27,000 per year if you’re 50+) 
• You may get matching contributions from your employer.  

Cons of 401(k) Plans 

• Limited investment options that are dependent on your employer.  
• Penalty fees if you withdraw from the account before age 59 and a half.  

2. Traditional IRAs 

Another popular type of retirement plan is an individual retirement account (IRA). Traditional IRAs are plans that are usually managed by individuals on their own, outside of their employers. Because of that, they’re good options for people who don’t receive retirement benefits at their jobs. 

Traditional IRAs, like 401(k)s, have tax advantages. Your contributions are made on a pre-tax basis—meaning contributions reduce your taxable income—and the money grows tax-deferred. You pay taxes on withdrawals from the account after you retire. You may not receive any tax benefits on the contributions if you have a higher income. 

Pros of Traditional IRA 

• You don’t need to have an employer to open one. 

• There are an endless number of choices for investments. 

Cons of Traditional IRAs 

• Lower contribution limits than 401(k)s ($6,000 per year or $7,000 per year if you’re 50+) 

3. Roth IRAs 

Roth IRAs work a bit differently from traditional IRAs, even though they’re fairly similar. The difference here is that with Roth IRAs, you pay taxes on your contributions, but your withdrawals from the account in retirement are not taxed.  

In addition, you can withdraw contributions from a Roth IRA any time without penalty, and even the earnings, as long as it has been at least five years since your first contribution. However, there will be a 10% penalty tax if you withdraw your earnings before you reach age 59 and a half. The same is not true for traditional IRAs; you’ll be taxed on the full withdrawal, and also be slapped with a 10% penalty tax if you withdraw contributions or earnings from a traditional IRA before you reach age 59 and a half.  

If you think that your taxes will be higher when you retire, a Roth IRA might be a better option for you. Since you’ll pay taxes upfront, you won’t have to worry about paying them in the future. 

Pros of Roth IRAs 

• You don’t pay taxes on withdrawals in retirement. 

• You can withdraw your contributions any time without penalty.  

Cons of Roth IRAs 

• You don’t get a tax break on your contributions.  
• Contribution limits are low ($6,000 per year or $7,000 per year if you’re 50+) 

• If your earned income is too high, you can’t contribute. 

4. SEP IRA Plans 

Simplified Employee Pension (SEP) IRAs are ideal for business owners or individuals who are self-employed. These plans, although designed for self-employed people or small business owners, can be used by anyone.  

With a SEP IRA, individuals can contribute as much as 25% of their income, or $61,000 in 2022, whichever is less, to the account. Contributions are tax-deductible. The catch: if you have any employees, you must contribute a similar proportion of their compensation to their own SEP IRA. This is why SEP IRAs tend to work best for self-employed workers, sole proprietors, or small business owners with one or two employees.  

Pros of SEP IRAs 

• High contribution limits—$61,000 in 2022.   

• Tax-deductible contributions.  

Cons of SEP IRAs 

• If you have qualified employees, you must contribute an equal proportion of their compensation to their own SEP IRA.  
• Like a traditional IRA, there are early-withdrawal penalties if you withdraw before age 59 and a half.  

5. SIMPLE IRA Plans 

SIMPLE IRA plans aren’t simplified IRAs as the name suggests. Instead, SIMPLE stands for Savings Incentive Match Plan for Employees.  

With a SIMPLE IRA, your employer has to match your contributions to the plan on a dollar-to-dollar basis, up to 3% of your salary. Alternatively, if don’t contribute to your plan, your employer still has to contribute 2% of your salary. 

SIMPLE IRAs are offered through your employer; only employers with 100 or fewer employees can provide them. You can contribute up to $14,000 a year to these plans, plus an extra $3,000 a year if you’re 50 or older.  

Pros of SIMPLE IRAs 

• You get matched or guaranteed contributions 
• They’re easy to set up. 

Cons of SIMPLE IRAs 

• Lower contribution limits than 401(k)s.  

6. Solo 401(k) Plans 

Last but certainly not least is the solo 401(k) plan. Solo 401(k) plans are sometimes called one-participant plans. They’re ideal for individuals who are self-employed; small business owners with even one employee aren’t eligible for these plans.  

Solo 401(k)s have high contribution limits: $61,000 in 2022. That limit goes up by $6,500 if you’re 50 years old or older. The fine points are somewhat complicated, but in essence, you contribute to the plan both as employer and employee. Within that $61,000 limit, you can contribute up to 100% of your income, or $20,500, as the employee. As the employer, you can contribute another 25% of your compensation or net self-employment income.  

Pros of Solo 401(k) Plans 

• High contribution limits.  
• There’s a traditional and Roth option so you can pick the tax advantage that works best for you.  

Cons of Solo 401(k) Plans 

• Limited investment options. 

• Your contributions as employer may be subject to vesting terms.  

Choose the Right Retirement Plan 

Now that you’ve got a bit more information on retirement plans, you’re on your way toward selecting the right one for your own needs. Consider the pros and cons of each, what’s available to you, and choose one—or more—that makes sense for your unique situation.  It is best to consult a qualified retirement planning expert, such as a Retirement Income Certified Professional ( RICP), or Certified Financial Planner ( CFP).   

Many people fail to think about their retirement until their 40s or 50s. However, this is a mistake. Putting off retirement planning can force you to postpone your retirement, sell your home and downsize, or otherwise compromise your plans for your golden years.    

To make sure you’re fully prepared for your retirement, start planning today, if you haven’t already. Here’s a step-by-step guide to get your finances in the best shape possible for a comfortable retirement.   

Step One: Know When to Start Planning 

When it comes to retirement planning, there’s no better time to start than the present. Experts recommend that you start planning for retirement in your 20s, as soon as you land your first full-time job. The earlier, the better.  

The sooner you start saving and investing money for your retirement, the more time that money will have to grow. This will lead to a larger pile when you’re finally ready to retire decades later.  

However, even if you’re well past your 20s and are only just starting to plan, don’t panic! Retirement planning can be started at any time. You may have to save a greater portion of your income to catch up with those who started years earlier, but you can still take action to build up a nest egg.  

Step Two: Calculate How Much Money You Need to Retire 

The next step to retirement planning is to figure out how much money you will need in order to retire. Remember, the money that you save for retirement is what’s going to function as your income when you’re no longer working.   

That means you’ll need to think about your current expenses, as well as what new expenses might arise in retirement, such as higher and more frequent healthcare costs. You’ll need to calculate your retirement income based on that.  

One tip for retirement: estimate that you’ll need about 70% to 90% of your pre-retirement income to retire comfortably, with Social Security, your 401(k), individual retirement account (IRA), and other investment accounts and savings contributing to that figure.  

For example, if you make $50,000 a year before you retire, plan to need between $35,000 and $45,000 a year once you retire, in order to continue in your current lifestyle without significantly downsizing.  

Step Three: Prioritize Financial Goals 

People generally have more financial goals than just retirement. These goals might include paying off a mortgage, funding their children’s college education, or buying a vacation property. 

In general, it’s good to aim to save for retirement as well as for other financial goals, if possible. You can do so at the same time.  

Remember, a little goes a long way. When it comes to retirement planning, even putting aside a little bit each month can be a great way to steadily build up your savings. 

Step Four: Choose a Retirement Plan 

Choosing a retirement plan is a key part of saving for retirement. You generally have two options for starting a retirement plan: 

• Employer-sponsored retirement plans 
• Individual retirement plans 

If your employer doesn’t provide a retirement plan like a 401(k), Roth 401(k), or pension, you can open your own account. Even if you have access to an employer-sponsored plan, it’s often a good idea to open another account on your own.  

Retirement accounts that you can open on your own, without an employer, include the traditional IRA and the Roth IRA, both of which provide tax advantages. With a traditional IRA, contributions are tax-deductible in the year they are made, and withdrawals from the account when you’re in retirement are considered taxable income. In contrast, with a Roth IRA, you cannot deduct your contributions when you make them, but your withdrawals from the account when you’re retired are tax-fee. Both accounts come with a yearly maximum contribution limit of $6,000 in 2021 or $7,000 if you are 50 or older. Early withdrawals before retirement age can incur a penalty tax.  

If you’re an employer or self-employed, you have other options as well. You can consider a Simplified Employee Pension (SEP) IRA or SIMPLE IRA. Similarly, if you’re a business owner without any employees, you can open a solo 401(k). 

Step Five: Choose Your Retirement Investments 

When you open an investment account like a 401(k) or IRA, you’ll have to make decisions about where to allocate your money.  

In general, it’s a good idea to focus on investing more aggressively during your younger years: you can take bigger risks and potentially reap bigger gains, and you have decades to recover from losses. Usually, as you grow older and your retirement draws near, your investment strategy should become more conservative.   

In addition, it’s also important to revisit your investment strategy every year—saving for retirement isn’t a “one and done” job. You may need to adjust your strategy based on job and income changes, family growth, inheritances, and other major life events.   

Start Today 

With these tips, it’s easy to start planning for retirement. By following this process, you can get started saving for your golden years and position yourself for a comfortable retirement.