2nd Quarter 2019

Take Control of Your Financial Independence

Take Control of Your Financial IndependenceAs you celebrate Independence Day this summer, it’s also a great time to focus on your financial independence. Use the following resources to help you get started on long-term financial goals and stay on track to reach them.

Even small contributions toward your retirement savings when you’re starting out can grow significantly by the time you’re ready to retire. Use our Grow Your Savings tool (www.icmarc.org/grow) to see the long-term impact of setting aside money every month in a tax-advantaged account. Wondering how you’ll come up with the extra money to save? Explore our Small Change, Big Savings calculator (www.icmarc.org/smallchange) to discover how cutting back on some everyday expenses — such as making fewer trips to the vending machine or bringing lunch once a week — can add up over time if you funnel that money into retirement savings instead.

Another way to free up more money? Reduce high-interest debt. If you spend less money on interest every month, you’ll have more money to save for your future. Our Deal With Debt calculator (www.icmarc.org/debtcalc) can show you how to lower the total cost of debt by paying it off sooner, getting a lower rate, or minimizing the amount of debt you take on.

Assess your progress with our Retirement Savings Calculator (www.icmarc.org/rsb). This tool shows how changes to your desired retirement age, income target, and contributions can affect the likelihood that you’ll reach your goals. See the “Save for the Future” page in our Retirement Education Center for even more resources (www.icmarc.org/education).

For more tools and resources that can help you with your finances, check out the entire Library in our Retirement Education Center at www.icmarc.org/library.

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