09 Dec Where to Begin with Retirement Planning
It may seem like retirement is a long ways away, and that you have plenty of time to plan for this someday soon.
But at what age do we need to get serious about planning for retirement?
The long and short answer is start to plan as soon as you can. The age at which you develop your retirement plan, your spending patterns and savings habits will all be factors in how much you are able to save for your retirement years. The earlier you start, the more likely you are to take advantage of the compounding effects of investing early.
Consider contacting a financial planner as your first step. Working with a financial planner can help to shore up the difference between the plans you thought would be enough and the plans that you will need to have in place to help you live out your retirement years with a comfortable lifestyle.
To get a rough plan in place before meeting with a financial planner, consider these steps to creating a retirement lifestyle you love:
- Set your retirement goals (age, financial commitments, dependents)
- Start saving early
- Minimize your post retirement spending (pay down credit and mortgage if possible)
- Compare current spending with expected retirement spending
- Run the numbers with your financial planner
Connect with a Case Manager for a referral to a financial planning professional in your area.