3 Tips for Retirement Income Planning and Building Reserves
No matter your age, occupation, or stage in life, retirement income planning can be a challenge.
With so many variables involved, how can you be certain that you’ve saved enough? How can you be comfortable with your level of savings? Most of all, how can you put a rest to any internal worries you have about reaching retirement age?
According to the Wall Street Journal, you should aim to have ten times your income saved in a retirement account by age 67. While this might seem like a lot, investing early ensures that you gain the most out of your account’s compounding interest. Ultimately, you want to work towards ensuring that you’ll have at least 80% of your pre-retirement income. But, don’t fret, there are a lot of things that you can do to work toward these goals. And, with a little help from a trusted advisor, you can be confident that you’re making wise, informed decisions about your financial future.
1. Save early and save often
It may seem obvious but the first step in retirement income planning is saving money. If you’re able to start earlier, you can ensure that your money has more time to grow. And, if this is your first time setting up a retirement account, you may not have a lot to set aside… and that’s okay! Start small, build slowly, and increase your monthly savings when the opportunities arise.
2. Retirement income planning requires sacrifice
At times, you’ll be tempted to break into your retirement savings. Maybe you’re presented with a great deal on a new car or a luxurious vacation. Or, maybe a household emergency occurs and you need money fast. But, whenever possible, you should avoid dipping into your savings. When you take money from your retirement accounts, you reduce their ability to accrue interest and grow exponentially over time.
3. Understand your retirement needs
At Wiser Financial, we know that everyone’s retirement needs are different. Our trusted advisors are here to work with you to understand your needs, develop a retirement plan, and create straightforward, achievable financial goals for you. By working with us, you gain access to a large network of experienced professionals.
Whether you’re taking your first steps toward retirement or you’re interested in taking your savings strategy to the next level, we’re here to help. So, if you have any questions or could use some assistance preparing for your next stage in life, we encourage you to reach out to us today.
Are you ready to get started?
If you’re eager to begin your financial journey, the team at Wiser Financial group is here to help.
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