Having consulted with clients on how to save money so they can retire comfortably is Victor Rigoni III’s expertise. Victor Rigoni III covers developments in various financial markets throughout his career. He is also an entrepreneur and offers expert advice to small and mid-sized businesses.

Managing retirement savings can be challenging for individuals or couples who have unique circumstances and goals. Victor Rigoni III is a firm believer in financial freedom; therefore, he believes some general practices can help everyone establish a pattern of success.

Victor Rigoni III’s Top Three Retirement Tips

Deal With Debt:

Financial commitments can only be juggled to a certain extent. Having a retirement plan is important, but they can’t truly commit to saving unless their debts are paid off. In America, the average household has more than $14,000 in credit card debt alone, according to Ramsey Solutions. The average national interest rate is 16.28%, which means that Americans are paying an average of several thousand dollars just in interest. Wouldn’t it be great if they could invest those thousands in retirement?

A successful retirement is a secret to Victor Rigoni III. In order to get out of debt, people must live below their means so extra funds can be applied to the debt accumulated.

Establish Good Money Habits:

If they manage their money with purpose, anyone can live within their means. Victor Rigoni III believes that even someone who earns millions of dollars each year may not be able to save for retirement. Establishing a positive attitude when it comes to saving for retirement is the key to success. Below are some examples of good money habits, according to Victor Rigoni III:

  • A budget should be created – Know how much money comes into the household and the monthly expenses because these numbers may change from month to month.
  • Saving should be a priority – people should set aside 10-15% of their annual income for retirement. Victor Rigoni III believes this is the best out of the lot.
  • Taking time to think about large purchases – Don’t make expensive purchases right now without taking time to think about them.
  • By writing down your goals, you will be more accountable, and you will be better able to meet them.

Plan for Retirement:

About 50% of Americans save for retirement without facing any major difficulties. But are they also planning for retirement? Rent, mortgage, property taxes, insurance, etc. Victor Rigoni III says that saving for retirement is different from planning for retirement. Plan your monthly and annual retirement expenses by taking into account the following:

  • Utility bills.
  • Saving for the unexpected.
  • Groceries and household expenses.
  • Vehicle loan and regular maintenance.
  • Health insurance and medical expenses.
  • Entertainment, travel, and other nonessential purchases.
  • Taxes on any retirement income that wasn’t taxed prior to saving.

It can be challenging to predict exactly how much retirement expenses will cost, but tallying the items up against current expenses is a good place to start. Once a retirement budget is developed, compare it to monthly retirement income. Are your income and expenses aligned? If not, it is time to follow Victor Rigoni III’s expert advice and identify where you may need to make changes.