Getting Started.
Planning for retirement can feel overwhelming if you don’t know where to start. The first step is identifying your retirement goals. Let’s break this down into simple, manageable parts.
What do you want? Consider how much money you’d like each year during retirement. Reflect on your current income and lifestyle. Planning to move or travel? Think of your desired income as finding a road trip destination: you need to know where you’re going before you plan the route.
What do you need? Determine the minimum amount you need to retire comfortably. This is your safety net for essential expenses like housing, food, healthcare, and utilities. Ensure you won’t run out of gas on the way.
How important is growth? Consider the importance of financial growth over the next 10 years. Are you looking to invest and grow your savings, or focus on preserving what you have? This will guide you in choosing the right retirement plan.
Ask Yourself
How much do I spend annually now, and will that change in retirement?
Do I want to maintain, increase, or decrease my current lifestyle?
Will I have any other sources of income during retirement?
What are my essential monthly expenses?
Are there any debts I need to pay off before or during retirement?
Do I need to grow my savings to reach my retirement goals?
We Are Real People Helping Real People.
Social Security
What age should I take my Social Security benefits?
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How does Social Security affect taxes?
How much can I earn while drawing Social Security?
Retirement Accounts
401k
Roth IRA
MYGA