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Once we finish school and enter the real world, most of us get a job to help support ourselves or our loved ones. But what happens after retirement? Without a consistent income, how are you supposed to fund your lifestyle?
That's where retirement planning comes in. By organizing your funds early on, you can help ensure you're prepared for your future. Here's a closer look at what retirement planning involves and how you can get started.
Saving for retirement assists with the following:
When Should I Start Retirement Planning?
The earlier you begin saving for retirement, the more prepared you'll be. Ideally, you should start saving once you graduate from school and start working consistently — approximately 39% of Americans start retirement planning in their 20s.
How Much Should I Save For Retirement?
The amount of money you save for retirement should be connected to your income. Most retirement advisors agree that you should try to save up approximately 80% of your pre-retirement salary. This refers to everything you make prior to retirement.
How Do I Save For Retirement?
Now that you know the advantages of saving for retirement, you might be wondering: how do I actually do it? Most people save using the following methods:
Unless you're a financial expert, it can be difficult to decide which plan is best for you. Fortunately, you don't have to navigate this difficult process alone — our retirement planners are here to help.
Even if you don't plan to retire for decades, you should be thinking about it now. At our retirement planning service in Sarasota, FL, we offer experienced retirement advisors that can evaluate your financial situation and help create a plan for you. This includes:
Get started with retirement planning by contacting a professional today.