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Summer is coming to an end Luminatebrienventurebeat, and that means it’s time to pack up the things you’ll need to get ready for the season ahead. If you’re like most people, you may have a few extra dollars laying around, but not as much as you’d like to give away. It’s never too early or late to start planning for the future — especially in this economy. The good news is, being able to plan ahead can actually be valuable! So what if we make a small change this week? Or rather, what if we do something no one else is doing? Instead of throwing money down a Monte Carlo rabbit hole of finance and accounting, why not try something new and see how it works? And best of all: You don’t even have to worry about how much your financial future will cost you! With today’s technology, pre-planning for retirement can be as simple as going over your accounts and filling out a tax form — which sounds simple enough right? Well… no. But it does give you some great ideas for saving money on retirement that are easy on everyone involved.

What are your options for saving money on retirement?

There are many different ways to save money on your retirement. But in general, you can begin by reducing your spending on goods and services that will fall into the “impoverished” category. This includes things like unneeded renovations, electronics, etc. If you want to save more, then always keep your eyes on the horizon. There will always be changes, so be prepared for them.

Your Roth IRA

A Roth IRA is a tax-advantaged money-saving plan that lets you contribute money to your own retirement plan and withdraw money later on when you’re deemed fit to age. You can open a Roth IRA at any time after you turn age 59 1/2. You can contribute up to $5,000 per year and withdraw up to $3,000 each time you turn age 70 1/2. You can also create a Roth IRA fund and withdraw the saved amount at any time.

Traditional IRA

Traditional IRA is a one-time contribution made to your retirement account. You don’t have to pay taxes on the money you contribute or the money you withdraw. Roth IRA contributions are tax-free and tax-deductible. The money goes into your retirement account, and you don’t have to pay taxes on it either. You can open a traditional IRA at any time after you turn age 59 1/2.

Exchange Traded Fund (ETF)

An ETF is like a managed fund, with assets on behalf of investors managing specific industries. For example, you could open an ETF with beef and pork bellies to save on meat costs. You could also open an ETF with certain stocks to help you protect against market volatility. You must buy shares of stocks to open an ETF. But most brokerage shops have stores where you can buy shares of currently traded stocks.

Tax-Deferred Retirement Investment Trust (TDRIT)

This is a retirement fund that is entirely dedicated to helping you escape taxes. You contribute to TDRIT, and then after you are 70 1/2 you withdraw the money. Then you make a regular withdrawal. You don’t have to pay taxes on the money you withdraw, or on the money you put in your TDRIT account. You can open an TDRIT account at any time after you turn age 70 1/2. If you have a small family or are a single parent, you may want to consider opening an TDRIT joint account to help your children make tax-deductible contributions to their favorite games and sports teams.


Saving money on your retirement is a crucial part of any financial planning. But it’s important not to over think it. For many people, saving money on their retirement is like trying to go from Aeolian to Monsoon. It’s hard to say exactly how much is needed for a certain amount of savings to get the desired effect. And then there’s also the fact that you never know when or if your financial future will determine whether you start saving money or not. But if you are able to make a small change this week, or even every single day, you will have more400savings left over for your retirement. And when you see those benefits tail-end of the year, you will be glad you took the small step forward.

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