What is the First Step to Retirement?
When you reach retirement age, you may wonder: what is the first step to retirement? If you’ve worked to save money for decades, then you want to make sure you take the proper steps toward retirement with financial planners. With a team of financial professionals on your side, you’ll know exactly the steps that you need to take to more easily reach your retirement goals, including that important first step.
Building a Full Retirement Plan
If you haven’t put much thought about retirement, then the first important step to retirement comes from building out your entire plan. By having a full understanding of what you need for retirement savings, retirement budget, pre-retirement wages, and more, you can more easily determine what you need to live comfortably in your retirement.
How much does your current employer match? Will you have enough money when you retire? All these questions and more are answered by working with a financial advisor who can assist you with retirement wealth management.
Calculating Fixed Income for Retirement
If you have planned what age you want to retire, the first step instead becomes knowing how much you’ll have to retire comfortably for the lifestyle you want. Depending on how much you make, how much you’ve saved, what investment decisions you have made, and more, your purchasing power and living expenses will vary greatly.
The easiest way to calculate your retirement expenses is to take your current age, how many years it is until you plan to retire, your salary, how much you save for retirement each year, how much you’ve already saved, how much of your current income you think that you’ll need when in retirement, and how much of an annual return you expect from your retirement savings. You can find various retirement calculators online to get a better idea of how much you can expect. Or, if you want a personalized, accurate calculation once you have these goals in mind, you can work with a financial planner like Wiser to reach your goals.
Cash Flow for Retirement Accounts
The best way to meet your retirement goals comes from planning out your pre-retirement income. To live comfortably in retirement, you need to have a consistent flow of dollars into your account for retirement. Before you reach full retirement age, you should consider expenses like health care costs, how much social security you’ll take and when you’ll take it, healthcare options during retirement, and other factors that affect your monthly retirement amount.
With a team of financial advisors ready to assist you no matter what step of the retirement process you’re on, The Wiser Group will help you live a more comfortable life in retirement through expert advice and services. Reach out today to take the first step toward retirement with Wiser!
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.