From keeping fit and healthy to making the mental adjustment, how you wish to spend all your newfound free time is unique to you. These three tips will help you find purpose and the financial freedom you need to live the retirement of your dreams.
Planning your retirement is an important step in your financial journey. Whether you are planning to retire in 10 years or 1 year, you should consider taking specific steps to be sure you have everything you need for a comfortable retirement.
Did you know that only 40 percent of Americans have calculated how much they need to save for retirement?
At CKS Summit Group we want to help you strategize your plan of action during this crucial financial time in order for you to achieve a happy and enjoyable retirement.
Keep these three tips in mind:
Even if you are far away from retirement age, you should get started with saving early and know your retirement needs. The sooner you start saving, the more time your money has to grow. Make saving for your retirement is a priority.
Take charge of your financial future!
You will need between 70 and 90 percent of your pre-retirement income in order to maintain your standard of living when you stop working. Think about diversifying your portfolio and way to grow your investments!
It is important that you find purpose in your work-free time when you retire. When it comes to changing your daily routine and habits, managing your personal life can be challenging.
Having something new to aim for will help you embrace your new life as a retiree. Looking at the future with different eyes, and accepting this change will prevent you from sinking into slothfulness.
Find your sense of purpose and define your new goals!
Stay focused and dedicated. Think about all the advantages of retirement: you will have more time to do what you love and maybe realize those dreams you never had the chance to previously achieve.
Here is the most crucial tip of them all: make a solid, realistic written plan! You should focus on creating a timeline, then breaking it down with different components based on your financial goals and needs.
In order to make a successful retirement plan, you should consider:
- Putting money into an Individual Retirement Account (IRA): The 2021 combined annual contribution limit for Roth and traditional IRAs is $6,000 – $7,000 if you’re age 50 or older. (Roth IRA contribution limits are reduced or eliminated at higher incomes.) It is an easy way to grow your savings, and you can automate the process in order to see deducted the preferable amount from your account.
- Check your Social Security benefits: avoid missing out on benefits, you should estimate your benefits with your financial advisor. Keep in mind that those benefits replace 40 percent of a median wage earner’s income after retiring.
- Discuss with your employer about starting a plan: If you are still in the workforce, your employer should offer you a retirement plan, if they haven’t yet, ask for it! There are many options available so be sure to explore the best options suited to your future financial needs.
Retirement can seem a distant horizon, but it is important to set your priorities and financial goals early in order to live the meaningful retirement you deserve.
The good news is that you are not alone. At CKS Summit Group, we can help you analyze your assets and find the right retirement portfolio to match – because examining your financial wellness in advance gives you more time to make any necessary adjustments.
Let’s set up your complimentary strategy session! Contact us here today and let CKS work for you and your retirement goals.