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Planning for your Golden Years is not an easy feat. Whatever your age, financial situation, or goals, it is never too soon to get started! There are many options available on how to best save for the retirement you want, so use a trusted partner to help you navigate through this process.
How much do you need to save for a comfy retirement? We have no idea! That is up to you, and exactly why it is important to identify your needs and to build a realistic goal and savings plan. Consider the following questions: When do you want to retire, and how many years should you plan for? What will your living expenses look like when you retire? What kind of lifestyle do you want to enjoy? Although you probably can’t answer these questions right now, you can begin making assumptions based on your current financial situation and where you are in your life right now. A general rule of thumb is that you will need approximately 75% of your pre-retirement income during retirement to continue your current lifestyle.
While it may seem like there are many options out there, and they may seem complex and confusing, consider leaning on an expert to help guide you through the savings vehicles available to you. Savings is not a one size fits all approach. How your neighbor is preparing for retirement may not be the best option for you, so arm yourself with knowledge and seek out a partner who can help guide you through the options available to you. From IRAs, 401(k)’s, stocks, bonds or certificates, a trusted Financial Advisor can help you secure your financial future.
As you are creating your plan for a sound financial future, don’t forget to take into consideration expenses such as medical insurance and when you will begin receiving social security income. Also, the cost of inflation typically increases year over year, so the money you save now may not buy as much when you retire.
