<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1879052705672633&amp;ev=PageView&amp;noscript=1">
Schedule A Consultation

Tips for Planning Income in Retirement

Posted by Shanna Tingom, AAMS® on May 8, 2015 3:23:43 PM

Are you concerned about having enough money for retirement? You’re not alone. If you’re planning to retire at 65 years old, expect to have 15-25+ years of retirement. The reality is that YOU have to take care of YOU in retirement. Sadly, we cannot count on retirement sources of income like pensions and social security like generations past.

What can you do today to start planning income for retirement?

You’re here reading this article so that’s a great start! No matter your age, it’s important to know your options for retirement planning so that you can develop an estate and investment plan, start saving, and have a nest egg for retirement.

Understand the Options

Whether you’re an employee or a business owner, you have options for saving for retirement that include:

  • Employer sponsored 401K – Contribute the maximum allowed or up to the amount that your employer will match.
  • Roth IRA or Traditional IRA – Once you’ve maxed an employer sponsored plan, consider other options for retirement savings. A Roth IRA

If you’re a business owner, you are eligible for a Traditional IRA or Roth IRA. You may also be eligible to start an employee sponsored retirement plan. Schedule an appointment with me at Heritage Financial Strategies to learn more.

Start Saving Now

I wish I could tell you how many times my clients come to me and say they wish they had started saving sooner for retirement. The good news is that you can start saving at any age! If you’re in your 30’s or 40’s or older, you will have to save more aggressively than if you had started saving when you were younger. No matter your age, get a plan and start saving for retirement now!

Develop an Estate Plan

Your assets are best protected through estate planning. Get a will, establish a trust, and ask an estate planning attorney the best options for you and your family for planning your future. It’s better to have confidence in a strategy now than to have no plan and panic later.

Hire a Financial Professional

Part of your estate plan should be a plan for your investments. Hire a financial professional like me to help you find investments that will help you meet your financial goals.

If you’re ready to learn more about planning income in retirement, call 480-397-1184 to schedule an appointment today!

Registered Representative, securities offered through Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC., Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Cambridge and Heritage Financial Strategies are not affiliated.

Topics: Retirement Planning