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by Hal Salazar

Maybe you and your significant other have always imagined that you would start a business together one day. Now, you’ve finally reached a place in life where you can make this dream come true, but you’re not sure how to get your company off the ground while keeping your romance alive. And if you’re on a slim budget, you might be worried about whether or not you’ll be able to succeed as an entrepreneurial team. It is possible to keep your costs under control while starting your business. Furthermore, these tips will help you launch a business without losing the spark!

Choose a Business Idea

In order to kick off your entrepreneurial journey as a couple, you’ll need to agree on a business idea. If you’re working with limited funds, you’ll want to choose an idea with low overhead expenses. Renting a brick-and-mortar space, or leasing expensive equipment, will probably be out of your reach. Tweak Your Biz recommends starting a business centered on social media management, web design, virtual assistance, event planning, or home-based food services, like custom baking.

Invest in Accounting Software

No matter the size of your budget, every business owner should use software for bookkeeping to manage their finances. This will allow you to manage your business income effectively and ensure that you’re not wasting a dime. Furthermore, you’ll be able to store and organize all of your receipts and other financial documents so that you can stay compliant and earn deductions when tax season rolls around. Plus, you’ll be able to easily assess your cash flow whenever you like.

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Nail Down the Basics

In order to officially launch your business, you’ll need to take care of a few administrative items. Sit down together to draw up a business plan, and then get the paperwork you’ll need to register your business in your state. You will also need to create a budget to ensure that you don’t overspend. Furthermore, you can jot down ideas for your marketing and sales strategies.

Working Well Together

When you’re opening a business with your significant other, you want to make sure that personal disputes don’t affect your company’s operations. It’s important to stay on the same page as far as your goals for your business and your finances. Marriage recommends coming up with plans for dealing with common problems in advance, keeping your family’s finances separate from your company finances, and setting boundaries between your work and your downtime.

Keep the Romance Alive

If you’re busy getting your company going, how can you and your partner make time for each other? Time management is key. Choose a time each day when you’ll “clock in” and “clock out.” Outside of those boundaries, stay away from work-related tasks and focus on each other instead! Close your laptops and turn your attention to your relationship.

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As entrepreneurs, it can be tough to stay away from business projects when you could be relaxing - you might feel like you have to work constantly in order to stay ahead of your competition. But enjoying your coffee together in the morning, taking leisurely lunch breaks each day, and scheduling a date night each weekend will help you balance your relationship and your business.

Running a business with your significant other does bring unique challenges. But at the same time, you’ll have some advantages - you’re already in sync, you share the same values, and you understand each others’ strengths and weaknesses. With these tips, you’ll be able to start a cost-effective business without neglecting your romantic relationship.

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by Liam Johnson

Many of us are excited to retire, but the financial realities of not working anymore can be challenging. Without a steady income, you might feel overwhelmed by the cost of daily life – especially with inflation and the cost of living rising.

However, there are some simple strategies you can use to make your money go further in retirement, allowing you to truly embrace this exciting time.

Don’t retire just yet

Perhaps the most obvious (and yet complicated) step you can take to make your money last is to continue working for longer. While this might be easy for some, if you are struggling with your work or are just ready for something new, this might not be a reasonable option for you.

If you can work for longer and retire a little later, this can increase the amount of pension you receive when you do retire, allowing for a more comfortable lifestyle. This is a great choice for those who were seeking early retirement, but are thinking twice. If you can live on a lower salary, you could discuss going part-time with your current employer.

Consider how you’ll receive payment

You may have the opportunity to choose how you receive your pension payments. Traditionally, it’ll be paid in monthly lifetime installments, to provide a steady stream of income. However, you may have the option to receive it in a lump sum, which could work better for your personal approach to finances. Before choosing, be sure to consider the pros and cons of each option so you can be confident with your decision.

Think about your property

If you are a homeowner, then it might be worth considering downsizing to a smaller home. Large houses can cost a lot in utilities and maintenance, and downsizing means you can enjoy spending less time tending to your home and more time on new hobbies and experiences.

If you can’t downsize, or simply don’t wish to, then there is an option to access equity release for your home – where you will receive a lump sum of money (essentially selling your home), while still being able to live in it. Be careful with this option, though, as it can have risks attached. Speak to a professional before making any decisions.

Curb expenditures

Your expenses are something you can control more tightly when you have time to focus on them. In retirement, you may feel like everything is more expensive, and now is a good time to cut back a little and spend your money more wisely on things you get real joy out of, like travel. You can create a budget that suits your new circumstances, establishing what your monthly pension income will be, and assessing your outgoings. If there is a financial gap in this, you can find out where you will be able to make adjustments to save money.

To sum up

Getting used to retirement isn’t always easy, but making sure that you are financially prepared will help. When considering how you can make your money go further, remember that you should be realistic about which of these methods will work for you – and help you to get the most out of the next chapter of your life.

About the author:

Liam Johnson is a digital consultant with several years’ experience creating content for a range of different companies worldwide. He majored in creative writing in university and is always eager to expand his knowledge around different subjects.

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by Hal Salazar

Working remotely comes with many benefits, but it can also have its downfalls. You may find yourself feeling isolated, switching from working to leisure mode too quickly, and not having the same set of colleagues that you’re used to seeing on a daily basis.

These are all good reasons why it is important to practice regular wellness. This guest post offers some essential tips to help you generate remote work wellness so that you can make the most of your experience.

Optimize Your Office Space

Being in a healthy work environment is a crucial factor for your remote work wellness. One way to create an environment that promotes wellness is by optimizing your office space. Here are some quick and easy ways you can make changes in your office to optimize it:
●    Clear out unnecessary objects, such as papers and magazines.
●    Furnish the space with plants, art, or anything else that makes you happy when you’re there.
●    Arrange furniture, so it’s comfortable for you to sit at your desk and move around easily.
●    Keep the temperature at a comfortable level for both you and the people who come into the office.
You will find your home office much less stressful when it’s organized and easy to access.

Reduce Stress

Research has shown that reducing stress can help with a healthier work-life balance. It’s actually one of the most important steps to take when trying to find ways to feel your best. Taking breaks actually helps our brains stay more alert and focused during work hours.

The benefits of taking a break from work are two-fold: you’re getting a mental break from your job, and you’re physically rejuvenating yourself at the same time.

Try walking, reading a book, or meditating for 10 minutes when you feel like your brain needs a rest, or getting up and stretching, even if it’s just for 5 minutes before returning to work.

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Self-Care Matters

Be sure to take some time for “me” time, which doesn’t always have anything to do with leisure activities like watching TV or eating ice cream! Just taking time off from work is crucial for reducing stress, so feel free to take a day or two off when needed. Stay away from work-related emails, phone calls, and voicemails when you’re off the clock, and enjoy some downtime!

Start a Hobby

Another tip is to find a hobby unrelated to your career. This will allow you space away from work while still allowing you the opportunity to learn new skills or be creative in other ways, all of which are very important to your general well being.

Find the Right Balance

Finding a healthy work-life balance is crucial if you want to continue working remotely. If not, you risk getting burned out, which will likely lead to your performance suffering. If you feel like the profession you’re in just isn’t conducive to your mental health, it might be time for a change. Applying for jobs can be stressful but if you get started with a resume builder that highlights your skills using sleek templates, you’ll be giving yourself a massive edge over the competition.

About the author:

Hal Salazar created Elders.Today to lend a helping hand to seniors via carefully curated resources. Hal is newly retired, and as he embarked on planning and preparing for his golden years, he realized there was a lot of information to keep up with so he started gathering it all on his website to help out his fellow seniors. When Hal isn’t working on Elders.Today, he enjoys walking at his local park, testing out new recipes with his wife, Marlene, and playing piano.

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Dealing with the waste we create is one of the biggest environmental concerns of the 21st century. While recycling rates around the world are increasing, so too is the population, and far more needs to be done to tackle the problem.

As reported in this guide to waste and landfills, 2.12 billion tonnes of waste is produced across the globe every single year. So, what practical steps can we all take to reduce the amount of waste that we produce? Here, we'll take a look at three areas where small changes can make a huge difference.


Cook in bulk

Food waste is a common domestic issue, but there are lots of ways we can reduce the amount we’re throwing away. Firstly, by making larger quantities of food that uses up all of your fresh ingredients and then freezing it, you reduce the amount of waste you generate. You also have meals on hand whenever you need them, saving precious time.  

You should also make a conscious effort to prepare your own meals rather than buying ready meals. Not only does this mean you’ll be reducing food and plastic waste, but you're also lowering your bills. Any uncooked fruit or vegetables that you don't use should be composted if possible.


Avoid single-use plastics

Limiting our reliance on single-use plastics is key to a better planet. As such, it’s important to be aware of any alternatives available to help stamp down on plastic waste. Always take reusable bags when shopping, use paper or mesh bags when purchasing fruit and vegetables, and use a refillable water bottle.

Refill shops which allow you to purchase key ingredients such as flour, pasta and other products without the packaging are spreading across the country. These make it easy to radically reduce the amount of packaging you use.


Borrow, repair, rent or share

Households consume vast quantities of consumer goods, clothes and appliances. Many of these cannot be recycled or repurposed after they've been used as they’re often made up of many different materials. By borrowing the household goods and appliances you need rather than buying them, you can reduce the amount of the material that ends up in landfills.

So-called 'libraries of things' are growing in popularity across the globe. These allow people to borrow household items, such as sewing machines, steam cleaners, hedge trimmers and garden furniture for a set period. There is usually a small membership fee and a daily charge, but the costs are considerably less than owning items that you might only use a handful of times yourself. Alternatively, you might be able to set up an informal sharing arrangement with your neighbors.


To sum up

As we’ve seen, by taking slightly more care and consideration around our lifestyle choices, we can make big strides towards drastically reducing our reliance on landfills. By being more mindful of the waste we generate and by taking these simple steps in different areas, we can each play our part in creating a greener future for generations to come.

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by Hal Salazar

As the world goes digital, many consumers are looking for balance. If you're a homesteader, you're perfectly positioned to meet this demand with simple, back-to-nature products and services. Whether your talents lie in animal husbandry or arable, your hobby farm has the potential to bring in additional income.

Ways to Monetize a Hobby Farm

Some ways to monetize a hobby farm are:

• Sell farm food products. Earn money from produce, meat, eggs, bread, jams, and honey. Make sure to check food regulations.
• Sell handmade items. Options include crafts, soaps, and quilts.
• Teach classes or workshops. Instruct others in practical farm skills such as farming, beekeeping, welding, canning, or quilting.
• Create an online business. Build social media profiles, a blog, or a YouTube channel about your farm. Make money with ads, affiliate sales, and sponsorships.

Brand Your Farm

Create a brand that captures the personality of your hobby farm and helps it stand out from the crowd. Start by:

• Naming the farm
• Writing a mission statement
• Outlining your brand values
• Creating a logo, selecting colors, and choosing a visual identity

Set Up the Hobby Farm Business

If you're planning to create a business from your hobby farm, it's helpful to set up a formal legal structure. Once your company is official, you'll enjoy limited financial liability, more affordable tax rates, and flexible operations. Legal business entities also have an easier time securing funding. Your province or territory may have specific rules; a business formation service can save time and cut out expensive attorneys.

After you complete the legal registration process, you can seek funding to improve or expand the farm. Grants are a fantastic option — they provide a cash infusion that helps get your finances in order. For nationwide farm funding, check out Agriculture and Agri-Food Canada (AAFC) grants; you can also take advantage of government grants for small businesses. 

Top grants are extremely competitive; a well-researched business plan can help you succeed. Don't waste time applying for every grant — check eligibility requirements, make sure the availability suits your funding needs, and look for grants designated specifically for small farms. When you have a shortlist, create a high-quality, tailored application for each award.

Marketing and Managing Your Hobby Farm

Get the word out about your farm with effective marketing. Since you'll also be running the farm, it's helpful to outsource these tasks — you can hire professionals on a part-time or contract basis to help with:

• Web design and development
• Brochures
• Social media management 
• Online store setup

You can also look for free online tools and apps to help with your marketing. For example, if you don’t have business cards to hand out to potential customers and clients, use a free business card maker to quickly put a design together. Many of these tools will allow you to put together something in as quickly as 30 seconds.

Once your hobby farm becomes a business, you'll find yourself with more responsibility than ever. Manage efficiently by:

• Hiring an accountant 
• Creating a calendar to stay on top of marketing, events, and farmers markets
• Hiring part-time help during busy periods

Make Money from a Hobby Farm

Running a farm and a business takes time and effort. By staying organized and efficient, you can increase profits and enjoy your homesteading lifestyle.

About the author:

Hal Salazar created Elders.Today to lend a helping hand to seniors via carefully curated resources. Hal is newly retired, and as he embarked on planning and preparing for his golden years, he realized there was a lot of information to keep up with so he started gathering it all on his website to help out his fellow seniors. When Hal isn’t working on Elders.Today, he enjoys walking at his local park, testing out new recipes with his wife, Marlene, and playing piano.

  

    

In our hectic and busy lives, I am reminded of this inspirational classic story that I read many years ago.  Back when I was working in the corporate world, it seemed that the purpose of my life was to climb up the ladder and achieve financial success. All that change almost 20 years ago, when suddenly I didn't have a "job". My perspective on life changed, one of the results is my now frugal life and this blog. Today, I focus on the blessings each day brings - no matter how big or small. I am grateful for what I have and I constantly strive to simplify and enrich my life with less. I hope you too will be inspired by this parable of the Mexican fisherman.

An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked.  Inside the small boat were several large yellowfin tuna.  The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.

The Mexican replied, “only a little while. The American then asked why didn’t he stay out longer and catch more fish? The Mexican said he had enough to support his family’s immediate needs. The American then asked, “but what do you do with the rest of your time?”

The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siestas with my wife, Maria, stroll into the village each evening where I sip wine, and play guitar with my amigos.  I have a full and busy life.”

The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then L.A. and eventually New York City, where you will run your expanding enterprise.”

The Mexican fisherman asked, “But, how long will this all take?”

To which the American replied, “15 – 20 years.”

“But what then?” Asked the Mexican.

The American laughed and said, “That’s the best part.  When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions!”

“Millions – then what?”
​
The American said, “Then you would retire.  Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”

​

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by Hal Salazar

If you’ve recently left the workforce and found that you prefer to have more money than your pension, Social Security, or savings have to offer, then today’s post is for you. With a pinch of creative juggling and a sprinkle of determination, you can make the most of your senior years without sacrificing the things you love. Need tips? Here you go:

Look for passive income opportunities

The Frugal Lifestyle blog has touted the benefits of passive income before. There are many ways to make a few dollars here and there, from downloading apps to selling stuff you no longer need. You can also get cash back when you shop by using certain apps, such as Honey and Ibotta.

Freelance

As a freelancer, you can work for who you want, when you want, and for how much you want. But, even as an independent contractor, it makes sense to form an LLC, which helps keep your personal assets free of issues associated with business losses while giving you some tax benefits. You can save some money by filing your CA LLC online, but you’ll need to do your research for information specific to California.

Change your plans

You no doubt like to enjoy yourself, but that doesn’t always have to mean spending money. There are lots of ways to have a fun night out without watching your wallet shrink. Stylecaster offers several suggestions, including attending free concerts, visiting a museum – many offer free admission for seniors – or having friends over for a night of poker.

Travel differently

One of the best perks of retirement is having the ability to travel when you want. Unfortunately, this costs money. But, you can save a huge chunk on your travel expenses by doing things, such as staying at bed-and-breakfast instead of hotels or booking a room at a casino, both of which are often less expensive. But, the pinnacle of discount travel is free cruises. Although it sounds too good to be true, Royal Caribbean, Carnival, and other major cruise lines often offer $0 fare for loyalty or casino club members. You’ll still have to pay port fees and taxes, but you can’t beat four or five nights free on a luxury liner.

Budget

Even if you’ve never had to watch your dollars closely before, you find yourself on a fixed income, every penny counts. GoodLife Home Loans expects that the average older American spends more than $50,000 each year. Learn how to budget by breaking down these expenses into housing, transportation, healthcare, food, utilities, and assorted expenditures. Then, you can save money by shaving some of the unnecessary items off. You might even refinance your home for a lower interest rate or take a cooking class so that you don’t have to rely on dining out when you get the urge for something other than a sandwich.

Shop used

There is absolutely nothing wrong with buying used furniture, clothes, and decor. You can also save by buying used sports equipment instead of paying for a monthly gym membership. With a bit of digging, you can also find used books, cell phones, computer equipment, and pretty much anything else you want by looking at Facebook Marketplace, Craigslist, or local yard sales.

The point of retiring is to enjoy freedom in your senior years. But, that can be challenging when you can’t be free with your money. However, with a few tweaks to your way of life, you don’t have to give up anything to enjoy everything. From freelancing to simply sticking to a budget, the above tips can help you live your best life when you have time to enjoy it the most.

About the author:

Hal Salazar created Elders.Today to lend a helping hand to seniors via carefully curated resources. Hal is newly retired, and as he embarked on planning and preparing for his golden years, he realized there was a lot of information to keep up with so he started gathering it all on his website to help out his fellow seniors. When Hal isn’t working on Elders.Today, he enjoys walking at his local park, testing out new recipes with his wife, Marlene, and playing piano.

  

For the environmentally-minded couple, a wedding is the perfect place to show off your eco credentials, while encouraging your friends and family to play their part, too. If the planet is a priority for you and your partner, then budget and sustainability are two words you might hear a lot during the wedding planning process.

Protecting the planet can be an expensive undertaking. From investing in electric vehicles to installing solar panels at home, many lifestyle changes are more difficult to be made when operating on a tight budget. But when it comes to your wedding, there are plenty of opportunities to make sustainability the order of the day without breaking into the honeymoon savings.

Here are three ways you can make your special day more environmentally-friendly on a budget.

Rent a dress

Efforts to make your wedding as sustainable as possible should start long before the big day arrives. Dress shopping is one of the most important milestones in the pre-wedding hysteria, but it is also a great opportunity to flex your eco credentials. Not only can buying a dress outright be the more expensive option, but it is more sustainable to recycle and rent a wedding gown, as most brides only wear their wedding dress once.

It is worth considering whether sentimentality is an important factor for you, since this approach removes the opportunity to cling onto your dress after the day is done. But, with experts suggesting 15% of your budget will go towards your attire, you could save a big chunk of the budget by renting, while also saving on materials.

Confetti

Confetti can be one of the biggest sustainability offenders on a wedding day. Covering the bride and groom in confetti has long been customary at weddings around the world, but the plastic which is traditionally used can cause harm to the surrounding environment.

When it comes to using environmentally friendly confetti, the options are literally endless. Many vendors will offer biodegradable alternatives to plastic confetti, or you can go one step further and do it yourself. Make up your own personalized confetti bags and fill them with a more eco-friendly product like petals, lavender or bird seeds. While this will add a little more to your pre-wedding workload, guests will certainly appreciate this personalized touch which is also doing good for the environment.

Streamline the guest list

For some couples, the best way to celebrate their special day is to have a grand affair, inviting as many friends and family as possible. While this would create a buzzing festive atmosphere, it may not be the most sustainable approach, both economically and environmentally.

When it comes to the considerations of budget and sustainability, looking at your guest list is a great place to start. Increasing your invite list means that not only do you have to consider the environmental costs of additional journeys made by guests, but also the extra food, furniture and anything else that will be needed to cater for them on the day. Carefully talk through the list with your partner and make sure you are both completely comfortable with the final number – remember this is your decision so don’t be influenced by other voices.

Summary

This guest blog article offers three great suggestions for how to make more sustainable choices around your wedding day without having to make special allocations in your budget. All of the suggestions can be considered during the planning process, giving you time to implement them and find which will or won’t work for you and your partner.

If you're looking ahead to the future but you’re feeling a bit shaky about your retirement savings, you’re not alone. According to a February 2021 research report by the National Institute on Retirement Security, 56% of respondents said they’re worried about achieving a financially secure retirement.

If your savings fell short in 2021, the new year is a great time to get back on track and reach your retirement goals. The Penny Hoarder has rounded up a few tips to help get you there.

1. Stash Money in Your 401(k) Before 2021 is Over

Stepping up your retirement savings now — before 2021 ends — could give you a nice tax gift next year.
That’s because contributions made to your 401(k) before Dec. 31 help lower your yearly taxable income.
It’s not a tax credit or deduction, but by lowering your taxable income you could save money at tax time — or even boost your refund.
The maximum you can contribute to a 401(k) in 2021 is $19,500 — or $26,000 if you’re 50 or older — by the end of the year.

2. Don’t Have a 401(k) at Work? Open an IRA With a Robo-Advisor

Not everyone has access to a 401(k). In fact, 33% of all private industry workers lacked access to any sort of employer-provided retirement plan in 2020, according to the Bureau of Labor Statistics. If that’s your situation, you can still save for retirement on your own. And we promise, it’s not as scary as it sounds.

Robo-advisors are online companies that use computer algorithms and advanced software to build and manage your investment portfolio. They take the guesswork out of investing by picking stocks and bonds that align with your risk tolerance and financial goals.

The best robo-advisors on the market give you access to tax-advantaged individual retirement accounts (IRAs). You can set one up in less than 20 minutes without ever picking up the phone or speaking with an actual person.

Companies like Wealthfront and Betterment give you the option to open either a traditional IRA or a Roth IRA when you create your account. Both accounts let you contribute up to $6,000 a year in 2022, or $7,000 for people 50 and older. Roth and traditional IRAs also come with sweet tax perks. But how and when you get a tax break is different. As a quick reminder:

Traditional IRA
        Taxes aren’t withheld when you put money in and your contributions lower your yearly taxable income (like a traditional 401(k) does). However, you’ll get a tax bite on the backend when you withdraw money in retirement. If you tap your account funds before age 59.5, you’ll pay a 10% IRS penalty.

Roth IRA
        The government takes out taxes when you fund your account and contributions don’t help lower your yearly taxable income. But you won’t pay any taxes when you withdraw money in retirement. Plus you can withdraw your contributions at any time with no taxes or penalties.

Using a robo-advisor is a super easy way to start saving for retirement because it can help you decide if a traditional or Roth option is better for you. The robo-advisor will fill your IRA with diversified, long-term investments and offer easy-to-use online tools that make retirement planning interactive and accessible.

Unlike a traditional 401(k), your IRA contribution deadline is April 15, 2022. If you don’t hit the $6,000 contribution cap this year and you’re worried about a 2022 tax bite, you can add money to your traditional IRA no later than April 15.

Likewise, if you meant to start an IRA this year but forgot, you can still open an account and fund it in 2022 — but count the contributions toward 2021.

3. Gig Workers and Self-Employed People: Consider One of These Accounts

If you’re a gig worker or self-employed, the word retirement might make you laugh. You don’t get the option of opening a standard 401(k) at work so it may be difficult to know where to start. Thankfully, there are five different retirement accounts for small business owners, self-employed people and individual contractors.
        • Traditional IRA
        • Roth IRA
        • Solo 401(k)
        • SEP IRA
        • Simple IRA

A solo 401(k) is an individual 401(k) specifically designed for a business owner with no employees.
It lets you serve as both an employer and an employee — and make contributions in both capacities. The contribution limit is very high: $61,000 in combined employee and employer contributions in 2022. Solo 401(k)s also come in both Roth and traditional forms, so you’ll have your choice on tax savings.

Another option is a SEP IRA. Unlike a solo 401(k), you can add a few employees to a SEP IRA. Or you can use it just for yourself. For a self-employed person, you can contribute up to 25% of your net earnings to a SEP IRA, up to a max of $61,000 in 2022.

As always, don’t contribute more than you can afford. Look at your cash flow and business expenses for the year to decide how much you can comfortably put away each month.

4. Don’t Panic Sell or Withdraw Money Early

Selling investments is literally one of the worst things you can do with your 401(k) when the market drops.
Many people learned this lesson around March 2020 when the stock market nosedived — only to rebound a month or two later. Remember this: The losses you see inside your retirement account aren’t actual losses until you sell. If you simply wait for the market to recover, your investments will go back up.

A single day — or even a few weeks — of volatility shouldn’t change your long-term savings plan.
A down market is not a time to panic. In fact, smart investors see it as a time to buy.

Cullen Roche, a Wall Street pro and founder of Orcam Financial Group, summarized it nicely:
“The stock market is the only market where things go on sale and all the customers run out of the store.”

If there’s a crash in 2022 and you have extra cash on hand, consider transferring some to your retirement account. This lets you buy additional shares when prices are low. Then again, timing the market is tricky. A better long-term strategy is dollar-cost averaging, where you invest on a regular schedule no matter what’s happening in the stock market.

If you have money automatically deducted from your paycheck and deposited into your 401(k) or IRA, you’re already practicing dollar-cost averaging. You’re investing on a regular schedule (each time you get paid).

No matter what strategy you choose, don’t withdraw money from traditional retirement accounts early unless it’s a true emergency.

5. Use Some of Your 2022 Tax Return to Buy I Bonds

Inflation ramped up in 2021 — and it might stick around for a while in 2022. Investors tend to shy away from bonds when inflation is high. But some bonds, like Series I bonds from the U.S. Treasury, offer interest rates indexed to inflation. That means their interest payments increase as inflation increases.

In November 2021, the government set an eye-popping interest rate of 7.12% on I bonds purchased now through April 2022. That 7.12% interest rate won’t last forever. The Treasury will calculate a new I bond rate May 1, 2021. If inflation continues to heat up, you could get even more interest on your bonds. If it cools off, your interest rate declines — although you can’t lose money with I bonds. You just might not earn much interest for six months.

There are a couple ways I bonds can help boost your retirement savings. If you’re a young, risk-taking investor with a stock-heavy portfolio, you can diversify with a safe asset like I bonds. Or if you’re an older investor planning to retire in the next two to 10 years, I bonds provide a risk-free place to stash cash while earning a much higher return than CDs or savings accounts.

You can’t buy I bonds through your 401(k) plan or an online broker. You have to purchase them online from the U.S. Treasury Direct website. You can also choose to receive part of your tax refund in paper I bonds.
You can buy up to $10,000 worth of I bonds each year — but you have to wait at least a year after purchase to cash them in. If you decide to buy, make sure you absolutely don’t need access to the money until at least 2023.

6. Stop With the Excuses and Get Started, No Matter Your Age

It may never feel like the right time to get started saving for retirement. It might be confusing and intimidating to open your first 401(k) or IRA. But the only way to overcome those fears is to jump in and get started.

We have easy-to-follow strategies for how to save for retirement whether you’re in your 20s or your 60s.
Boosting your retirement savings doesn’t need to be dramatic or life-altering. If you received a raise at work this year, for example, use a percentage of it to fund your future.

Even setting aside $10 or $20 more from each paycheck next year can make a huge difference. The worst thing you can do is nothing. Ditch the excuses in 2022 and start contributing what you can reasonably afford to your retirement. You’ll thank yourself later.

Article by Rachel Christian, a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder. Read original article here.