Today is the time to start planning for your retirement.
It doesn’t matter if you are just starting out in your career or you have risen to CEO of a Top 500 company.
You need to step back and determine if your retirement goals match up with your retirement plan. A Certified Financial Planner can help you plan and achieve your goals.
The top 10 actions you need to take to plan for your retirement, regardless of age, include:
- Save money. Determine how much money you should save each year and do it.
- Really investigate what your retirement life will look like. How much money will you need to live?How long will your money last before running out?
- Participate in your company’s 401(k).
- If your company offers other retirement options, such as a pension, make sure you take full advantage of them.
- Learn about investments and investing methods and styles.
- Start an IRA.
- Know how much money you will receive from Social Security. Depending on when you elect to take Social Security, this revenue stream will usually equal about 40 percent of what you made before retiring.
- Find a Certified Financial Planner and ask questions.
It is always easy to put off thinking about retirement until tomorrow. it is human nature. That is where a Certified Financial Planner can help. A CFP, after detailed meetings with you, will develop a financial blueprint customized just for your needs and goals. A CFP will help you achieve them.
Meetings with a Certified Financial Planner will run the gamut of issues all related to your financial health. Where will you want to live after retiring? Will you be selling your home and downsizing? Will you be buying a winter home? What will your hobbies be and how much will they cost? Traveling the world or gardening in the backyard?
You and your family will have to take a serious look at what you are spending now and how much money you will need in order to live retired on your terms.
There are many issues you can discuss with your CFP. How should you handle your 401(k)s currently and with former employers? Are you taking the full advantages of the company 401(k)? Should you ever prematurely withdraw money from your retirement funds and pay the penalties? Do you need a Roth IRA or a traditional IRA, or both. Is an annuity right for you? If the answer is yes, which one should you choose? Do you have adequate life insurance?
You will need proper estate planning. And, depending on what you own, it can determine how you set up your estate plan.
Your meetings will help you understand investment style and risk comfort level. Conservative? Aggressive? In-between? How often will you meet with your CFP to review your portfolio?
A major question for retirees is when they should they file for Social Security? The longer you postpone after age 62 will determine your benefits level, the higher the benefit level. A Certified Financial Planner can help you make the right choice for you and your family.
Call us Today at 231-903-6699 for a Free Financial Strategy Session with a qualified Certified Financial Planner in Grand Haven.