Retirement planning is an important topic that many people are not aware of. In this, Advisor World teaches you everything you need to know about retirement planning. There are many ways to plan for retirement, but one of the most popular methods is through investing. We'll show you how to do this! Retirement planning is something everyone should be thinking about. Read our guide on how to start saving for retirement today!
4. If you want to downshift and have a
typical retirement rather than
working until you die, you must take
action right now. Here's how to get
started or get back on track with
retirement planning.
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5. Start Saving Early
Whether you’re starting a job fresh
out of college or you’ve been in the
workforce a few years, see what
retirement plans your employer
offers. Look for options like a:
Sign up for your retirement plan as
soon as you’re able to. The sooner you
start taking advantage of this benefit,
the more you’ll start to save.
6. Find the Right
Retirement Account
Your job might offer one or a few
different retirement accounts or might
not offer one at all. If your employer
doesn’t offer a work-sponsored
retirement account, open an individual
retirement account (IRA) These are a
good option, whether your job offers a
retirement plan or not, but are the best
solution if you don’t have any other
vehicle for retirement savings.
7. Know Your
Retirement Goal
Your expenses during retirement
might not be the same as they are
when you’re working. But that doesn’t
mean you won’t have any expenses.
You’ll probably need somewhere
between 70% to 90% of your current
income to cover yourself in
retirement.
8. Don’t Forget About
Social Security
Social Security is a monthly payout
that essentially gives you a paycheck
based on your pre-retirement
earnings. The average Social Security
benefit is $1,503 per month.6 If this is
enough for you to live off of, you may
consider not saving as much for
retirement. However, that’s the
current payout. It could be much
lower by the time you enter
retirement.
9. Check in on Your
Savings Every Year
While retirement plans are pretty
low-maintenance, they still need
your attention. Check-in on them
at least once a year. Are you
maxing out your contributions?
Does your employer match your
contributions as well?
10. Make Your Retirement a
Priority
With so many aspects of your life
demanding your money, it’s easy to
push retirement further down the list.
After all, if you’re not close to
retirement in terms of age, it’s
probably not top of mind.