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Retirement Planning

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.

What Are The Benefits of Retirement Planning?

What Are The Benefits of Retirement Planning?

Saving for retirement assists with the following:

  • Peace of mind: If you save early, you don't have to worry about how you're going to afford things once you retire.
  • Housing costs: Over 1 million older adults currently live in nursing homes or assisted living facilities.
  • Medical expenses: After the age of 65 (which is when most Americans retire), medical costs go up to over $11k annually per person.
  • Risk management: Retirement planning helps prepare you for unexpected events, such as a medical emergency or tax increase.
  • Control over retirement: If you have enough funds saved up, you can retire on your own terms. Otherwise, you may wind up working for longer than you intended.

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:

  • 401(k) plan: In this type of plan, a percentage of every paycheck you earn goes towards a retirement account. Your employer can then match part of all of this amount.
  • Traditional IRA: In a traditional IRA (individual retirement account), you can deposit tax-free money and then pay taxes once you withdraw funds after retirement.
  • Roth IRAs: Roth IRAs let you deposit money that you've paid taxes on. You can then withdraw tax-free money after retirement.

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.

Retirement Planning: Sarasota, FL

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:

  • Reviewing your retirement goals and projected expenses
  • Determining how much you should save annually
  • Helping you choose a retirement fund

Get started with retirement planning by contacting a professional today.