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Retirement planning is more than just saving for retirement or dreaming about the traveling you'll do. Thoughtful retirement planning begins with setting goals for your retirement income and then creating a strategy that will aid in the pursuit of them.
People who have a retirement plan are "dramatically more likely" to have money saved for retirement, according to a 2020 survey by the Employee Benefit Research Institute. But, in this same survey, more than 60% of American workers say they're stressed about preparing for retirement. A retirement plan can ease your worries and create workable strategies to ensure you can enjoy your Golden Years.
Essentially, retirement planning means creating financial strategies to help ensure that you're comfortable at the end of your life. Good retirement planning covers your general living expenses and considers any long-term care you may need, such as assisted living accommodations or nursing home care. Many people end up with only Social Security income to support themselves in retirement, but for many, this simply isn't enough. Social Security is intended to replace about 40-45% of your pre-retirement annual salary. Therefore, saving or investment income is necessary for people to be truly comfortable in retirement.
Retirement planning can include maximizing employer-sponsored 401k benefits or opening your own Individual Retirement Account (IRA). It can also include creating a diverse investment portfolio that will garner passive income to support you after quitting working.
There are a few things to consider when setting goals for your retirement plan. At what age do you wish to retire? Are you planning to stop working at 65 or keep working past 65? If you choose to wait until you're older to retire, then you'll have longer to save money and allow your investments to grow.
Where you want to live is also a significant consideration. Will you move closer to children and grandchildren, or perhaps somewhere warmer? The cost of living can determine how far your retirement dollars will stretch.
What is your plan for long-term care if you or your spouse can no longer live independently? Retirement communities and nursing homes can cost thousands of dollars per month. Long-term care should factor into your budget.
At Goodwin & Smith Financial Services, we often get asked, "how much money do I need to retire?" The answer is, it depends. Our financial planning team can help you find the appropriate number for your retirement goals with a few simple steps.
We can also help you take steps to pursue these financial goals, such as opening retirement accounts and working to maximize your tax savings.
Retirement savings accounts and sound investment strategies can provide vehicles through which one may be able to create steady income.
Purchasing the appropriate insurance products and good estate planning will help ensure that your family is financially taken care of if you die unexpectedly. We can also help with estate planning.
Downsize your debt, and take full advantage of your retirement accounts, especially any "catch up" contributions.
Volatile investments, poor retirement planning, and rising inflation are three of the biggest threats to a comfortable retirement.
You can start taking Social Security at 62, but your benefits will increase incrementally for every year worked past your Full Retirement Age (FRA)
Retirement planning can be complicated, so don't navigate this process alone. The professionals at Goodwin & Smith Financial Services can help you make the most appropriate decisions for the future. Call us today for a consultation to see how we can help you live your Golden Years in a manner which you have envisioned.
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