You pay your bills, you pay your taxes.
Give me 60 seconds and I'll make sure you are paying yourself first.
Now it may seem like a long time from now, but the Social Security trust fund is expected to be exhausted by 2040.
While Washington debates ways to save it, you need to take care of yourself.
To start just save more. Period end of story. Max out your 401k and pay yourself first. Think of it as a mandatory tax you need to pay to ensure your future.
You need to prepare for unexpected medical expenses, so read up on Medicare.
That includes all the add ons like Part D, which covers prescription drugs but also requires payment of a premium.
Let's face it, the cost of Long Term care is more than any of us want to imagine. Studies show that almost 70% of people 65 and over will need long term care at some point and since it's not covered by Medicare make sure your insurance does.
Map out your financial plan and keep updating it. Really understand your investments their corresponding fees.
And hopefully you don't need me to tell you this, but don't borrow from your retirement fund to pay for college! Let your kids borrow money elsewhere they're still young!
These are just some of the strategies for staying in the green long term.
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