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Thinking about the future you deserve
Whether your career is just taking off or if you're getting ready to put the landing gear down, there is never a wrong time to plan for your retirement—even if sometimes it seems there just isn't enough time or money to think that far ahead. The truth is time flies and your retirement will come faster than you expect!
How much money will you need in retirement?
Since it’s not unusual now to spend 25 to 30 years in retirement, plan to ensure your retirement assets will be sufficient to last decades beyond the normal retirement age.
Regardless of when you plan to retire, be sure your financial goals and expectations are realistic. Reviewing your retirement savings and your objectives with a qualified financial professional can help determine if you’re on track for your financial future.
Are you saving enough?
A good rule of thumb is at your retirement age (age 67) you should have about 10x your annual income saved for retirement, which may provide an estimated 45% income replacement over 20 years. This may not replace all of your income needed to support your pre-retirement lifestyle, but along with social security benefits and other potential personal savings, it's a great start!
To Roth or not to Roth
Need help with retirement planning?
So, how do you plan for such a large life event? Speak with a Financial Planner today! We believe that a strong strategy is to target shorter-term goals in order to help you prepare for retirement:
- Create a financial plan
- Life insurance and Long-Term care planning
- Health care planning strategies
- Other major financial considerations
