Retirement Planning

Your golden years should feel shiny and bright! Taking the right steps early will help you look forward to retirement, and work hard to get there.

No matter what your age or life stage is, it’s never too late to start planning for retirement, and implementing the right tactics now will help you look forward to retiring, rather than dread it.

The Road to Retirement

Prioritizing your retirement savings is crucial, but planning for it requires a strategy. This guide provides you with the tools to help you achieve your retirement goals, no matter what they are! Starting with defining your current retirement phase: 

What kind of retirement saver are you?

You want to save but never do. You want to wait for when the time is right. Which is now! Hiring a financial advisor can help you set a strategy and keep you on track to avoid self-sabotage.

You might not know the most efficient ways of savings, but you are taking steps early. You might not have a solid strategy but are doing your best to learn. You know what they say: the early bird catches the worm. If knowing is half the battle, the other half is doing. So get started on developing a strategy and game plan for saving. Your consistency will pay off!

You might have started a little later but you are keeping up with a savings plan. You know what you want and have your eyes set on something bigger, like a 401k. You are doing great, the way forward will be a smooth journey.

You are at the prime of your career but haven’t prioritized saving yet. You should start getting serious about how much you should be saving for retirement. Figure out how much you can save, set up an automatic payment, and stick with it.

You are working towards your golden years and making sure you have a comfortable nest egg. You will sacrifice anything to get there. It is important to evaluate your strategy to make sure there’s a balance between your goals and your current lifestyle.

You prioritize your savings so much, you can end up falling short on money for expenses. This starts a cycle in which you then have to take money out of savings and/or use credit cards to cover your monthly expenses, which generates debt you then don’t pay off. Focus on a realistic balance between how much you are spending and how much you can save.

Essential retirement planning questions:

Generic retirement savings targets are helpful, but they don’t actually tell you what you need. Everyone’s situation is unique and ever-changing, which requires a thorough understanding of their specific goals, individual financial habits, and even their behavioral biases. When planning your budget for retirement, make sure to keep in mind your current spending habits, any purchase or travel plans post-retirement, and any healthcare costs that may arise once you’re retired.




There are three primary sources of income that people may have access to in retirement: personal retirement savings such as Individual Retirement Accounts (IRAs), employer-sponsored defined contribution plans (401(k), 403(b), or a 457(b)), Social Security, or a pension. 




Numerous articles, advisors, and organizations provide suggested savings rates for future retirees. These seek to spell out how much a person should be saving on a monthly basis in order to successfully retire. The most important thing to do when saving for retirement is to develop a strategy that accounts for your personal retirement needs.




 

The Best Advisor For Retirement Planning

When it comes to retirement planning, the value that a qualified financial advisor brings cannot be overstated. Two essential questions that must be answered are how much you should have saved already, and how much you need to save every month. A financial advisor can help you determine what your living expenses will look like in retirement so that you can properly plan how much you will need to have saved. If you are behind on your retirement savings, an advisor will be able to help you create a plan to get your savings back on track. 

Does retirement scare you? Combat your retirement fears with these steps.

A Wealth Planner With Expertise in Retirement

The top 5% of advisors in the nation. 

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A Wealth Planner With Expertise in Retirement Planning

The top 5% of advisors in the nation. 

Trustworthy

Nationwide

Experienced

| Advisors Nationwide |

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Let us connect you with the most qualified wealth planners