It’s a brand new year; time to plan out your retirement income potential, create a budget and help put your long-term goals safely in reach.
When you know your retirement savings aren’t where they need to be, it’s easy to feel overwhelmed and push saving/investing to the back burner. But planning for your retirement is not something to ignore. Here’s 3 key ways to get you back on track…
1. Compose your retirement bucket list
The first step is a fun one: Do a little dreaming. Share your hopes and dreams with your spouse and loved ones, and work together to create a common vision for your future.
Do you want to work part-time? Do you want to travel? Downgrade your house and move closer to your family? Once you’ve made a vision for your ideal retirement, it’s time to…
2. Find your retirement income potential
It’s now time to to determine your income power. It’s a simple calculation that shows you how much income your retirement savings can generate — starting at your retirement, increasing over time, and continuing for life. If you want a hefty nest egg, you should invest a sizable percent of your household income toward retirement each month. By kicking your savings intensity into overdrive you can see where you can find the extra retirement money to cover your bucket list.
While it might take some effort to increase your savings right now, your future self will thank you later.
3. Talk to a pro
If you really want to get your retirement on track this year, one of the most important things you can do is partner with an investing professional. Why? A good investing pro can help you identify your retirement goals and how you can make them a reality. You can also gain invaluable insights into fresh new ideas for your retirement income, such as:
- How to maximize your current savings
- Stocks and investment opportunities
- 401(k)s & IRAs
- Social Security benefits
Addressing these three steps will help you on your way to the retirement of your dreams. Take steps now to create your best possible retirement.
If you’re confronted with decisions about retirement sooner than you’d expected, we can help. Click here to get in touch with the experts at CKS Summit Group and set up your complimentary strategy session. We look forward to helping your retirement dreams become a reality.