Planning for your retirement may help ensure that you have the financial stability to enjoy the life-style you want after you decide to stop working. While it’s never too early to begin planning for your retirement, there is no need to panic if you find that your retirement plan is lacking even later in life. If you are concerned about your retirement plan, seek the advice of an experienced financial advisor to help get you on track for a comfortable retirement.
Start Saving
Start saving as soon as possible; there are many ways to save for your retirement, so explore all your options. One of the easiest ways to save for retirement is to take part of your gross income and place it in a savings, investment or retirement account. Even 5% may make a big difference long term. Consider other options as well, such as paying down your credit card debt or other loans, which may free up resources to save and invest later on.
Consider Tax-Deferred Accounts
A simple savings account is a good way to accumulate a nest egg, but it’s also not your only savings option. There are a variety of tax-deferred accounts you should consider, including employer-offered 401(k) plans and individual retirement accounts (IRAs). These accounts offer you tax breaks that you can use to further bolster your retirement savings.
Start Small
When investing for a successful retirement, it’s best just commit and start. Make savings/investing a life style as early as possible. Each year try and increase your saving/investment % and maintain a well-diversified portfolio and review annually.
Whether you are 20, 30, 40, or 50, the time to save for your retirement is now. Financial Directions, LLC offers financial planning services in Tucson that include retirement planning, estate planning, risk analysis, and portfolio analyses. Contact us today by calling (520) 408-7777 or visiting us on the Web.
