The answer is more than you might expect. The last thing you want is to run out of money in the middle of your retirement, or spend what should be the richest, most relaxed years of your life pinching pennies or forced to go back to work in order to make ends meet.
While each person’s plan will look different and involve different expenses, there are many factors that EVERYONE should plan for. Things like medical expenses, housing expenses, travel funds, and of course money to spoil the grandkids. During your consultation, we can help you estimate how much money you need to retire the way YOU want to retire, and then work backwards with a retirement savings calculator to see exactly what steps you need to take today to make it happen in the future.
Thanks to compound interest it’s always best to start saving early. Ideally, that means planning should start in your 20s, or your 30s at the very latest.
Of course, for many young savers this presents a real challenge. Many thirty-somethings and even twenty-somethings carry a heavy amount of debt from student loans or mortgages, and may not have a steady income in place.
But, no matter the challenges, starting your savings early builds good habits and gives you more time to build a strong foundation for all your future retirement savings.
If you’re older and you’ve put off seeing a retirement planner or getting started with your savings, you may face some challenges. But that doesn’t mean it’s too late! Our Readiness Assessment can help paint a picture of your current situation as we make projections and build a plan to help you realistically achieve the retirement lifestyle you want. We can work out a savings and retirement strategy that is right for you which still lets you achieve your financial goals, by looking at different options that we would suggest if you are in your 20's and 30's.
Even if you don’t understand the difference between a 401(K) or Roth IRA, and haven’t done any work to get ready, you might not be as far behind as you think. If you’ve been saving money in an employer-sponsored plan and haven’t withdrawn any money, you’re already on the right track! You have savings that are growing and that you can withdraw without penalties when you reach retirement age.
And Even if you don’t have any savings at all, today is the perfect day to start building them.
Heritage Financial Strategies would love to help you understand all your options as you make some simple, informed decisions that can lead to a powerful retirement account down the road. So call us today at (480) 397-1184 to schedule a consultation and lay the foundation for a long and happy retirement to come!