People call retirement the “golden years.” However, they aren’t so golden if you are not financially prepared to live comfortably during retirement.
A successful retirement strategy will provide you with the cash flow you need for your retirement years. Regardless of your income, you must be saving for retirement–even if it is only a small amount. You can increase your savings gradually as you become financially able. Here are a few retirement savings goals you can keep in mind:
- Save 15% of your income: Initially, this may not be possible but it should at least be goals. If you save 15% of your income into a tax-advantaged savings account, you should be able to build up a comfortable retirement income.
- Open a Tax Deferred Savings Account: Aim to put your retirement savings into a tax-deferred savings account. The money will be taken from pre-tax income, so you will also save on Social Security and Medicare Taxes. A 401(k) plan is ideal for tax-deferred retirement savings.
- Retirement Target Date: Do you have a target date in mind for your retirement? If so, many retirement savings funds will let you choose your target retirement date and allot funds accordingly to maximize the retirement income that will be available to you when you reach your retirement target date. If some funds aren’t performing as well as expected, you can make the needed changes to maximize your savings.
- Review Your Retirement Savings Plan: Ideally, you should sit down with an advisor once a year or more if you feel it is needed and review that status of your retirement savings plan.
We can help you find a retirement savings plan to maximize your retirement income as well as help you with asset management, estate and trust planning, wealth transfer, business succession and more. We also offer tax planning services. Contact us today and we will help find a financial roadmap to living comfortably during your retirement years