How much money will I need in retirement?
This is one of many questions people have about retirement but don’t know who to ask. There are many more questions and concerns that we can address to build a plan helping you prepare for retirement.
A general guideline when figuring the amount of income needed in retirement is 60-80% of your total income before retirement. If you feel like you don’t have enough time to save for retirement, do not feel alone. Many people don’t plan ahead for retirement. It is never too late to sit down with a financial planner to discuss the steps you can take and build your plan.
When should I start saving for retirement?
The sooner the better! Even at a young age it is very important to start taking steps to plan for retirement.
How to save when you feel like you cannot.
It’s hard to save when you feel like you are living paycheck to paycheck. And let’s face it there are other things you could save for, like a new house, your children’s education and so on. There are many ways you might not be aware of that can help you afford the kind of retirement you want or at least one that is more secure. It is a process that we can help with that makes saving easier and more effective.
What types of retirement plans are available?
Some of the common retirement accounts available are Traditional IRAs, ROTH IRAs, 401(k)s, and 403(b)s. Also available are Individual 401(k)s, SEP IRAs (simplified employee pensions), SIMPLE plans, and Profit Sharing plans. All of these plans, except ROTH IRAs, allow you to invest in them money tax deferred. ROTH IRAs are tax free.