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How should I plan for retirement?
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1. Start by determining how much money you will need for retirement. Consider factors such as your living expenses, desired lifestyle, and any other financial goals you may have.
2. Follow the 80/20 rule and create a retirement savings plan. Aim to save at least 20% of your income into retirement accounts like a 401(k) or IRA.
3. Invest in low-risk and diversified investments like stocks, mutual funds, and ETFs. This will help balance potential losses with potential gains and reduce the overall risk of your portfolio.
4. Make sure to adjust your contributions based on inflation. The higher the inflation rate, the more your money will be worth in the future.
5. Stay on track by monitoring your retirement portfolio and making adjustments as needed. Take time to review your investments and adjust them according to your risk tolerance and goals.
6. Finally, don't forget to claim all eligible tax deductions. This can help lower the total amount of taxes you pay over time.