Retirement Planning Basics
Retirement is one of the most important savings goals you will have in your lifetime. If you plan on retiring at age 65, that could mean 20 or even 30 years without working income. Your goal must be big enough of a “nest egg” so that when you reach retirement age, you have enough to pay yourself a salary each year so that you can enjoy your life without worrying about running out of money.
There isn’t hardly a wrong way to save for retirement, as long as you are saving. There are, however, approaches and account choices that will make building that nest egg a lot easier, depending on your current situation, your age and goals. LifeManaged will ensure that planning for your retirement is a part of your financial plan. We will work with you to make sure that you are saving in the most effective and tax-efficient manner. However, it is useful to have a broad understanding so that you can work with your Life Managed advisor to achieve your goals. Before we get into account types and savings methods, let’s summarize the key concepts related to retirement savings.
Regardless of where you land in preparing for retirement, finding your footing can be easy when you work with the professionals at LifeManaged.
Three Essential Retirement Questions
We offer comprehensive, customized retirement and life management so you are empowered & encouraged to reach your goals in your timeframe.
How Much Money Should I Save?
Generic retirement savings targets can help, but they don’t actually tell you what you need. Your situation is unique and ever-changing, which requires a thorough understanding of you specific goals, financial habits, and even behavioral biases. When planning your budget for retirement, we help you to make sure to keep in mind your current spending habits, purchase or travel plans post-retirement, and of course your healthcare costs.
Where Does the Money Come From Once I’m Retired?
There are three primary sources of income that most people have access to in retirement: personal retirement savings such as Individual Retirement Accounts (IRAs) or employer-sponsored defined contribution plans (401(k), 403(b), or a 457(b)), Social Security, or Pension.
How Much Should I Be Saving Each Month?
It can be confusing with the numerous articles, advisors, and organizations providing suggested savings rates for future retirees. These seek to spell out how much a person should be saving on a monthly basis in order to successfully retire based, but these are rough estimates. The most important thing to do when saving for retirement is to develop a strategy that accounts for your personal retirement needs… and that’s what Life Managed is here to help you with.