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Many people don’t think about wealth building or retirement planning, because they don’t have anysignificant assets. If you don’t regularly invest a portion of your income to pursue your financial goals,you won’t have significant assets in the future, either. Simply saving money in a bank account will notallow you to accumulate wealth or retire comfortably. Spending all or more than you earn will cause youto go into debt instead.It’s never too early or too late to think about retirement planning and building wealth for your future. Ifyou earn a paycheck and desire to live comfortably in retirement, retirement planning should beimportant to you. It’s not complicated to get started. We’re here to help you every step of the way.
It’s difficult to plan for a future that seems far away when you’re young or middle-aged. We don’t wantto believe we’re going to be old one day. People at the start of their careers or individuals with youngfamilies also find it difficult to save money when they’re already struggling to pay the bills. Finally, manypeople are overwhelmed with the options. Should you invest in stocks, bonds, mutual funds, or all of theabove?We’re here to tell you that retirement planning doesn’t have to be difficult. We make it easy to help youget started, because we want to see you pursue your financial dreams. Even if finances are tight rightnow and you can’t invest as much as you want, we recommend getting a head start on planning forretirement.
The first step in retirement planning is to analyze your current financial situation. We’ll look at yourdifferent income sources and possibilities for savings. Next, we’ll talk about your goals and objectives.What does a comfortable retirement look like for you? This is also a good time to think about your risktolerance and any other personal objectives that drive your financial goals.After the information-gathering phase, we can create a retirement plan tailored to your needs. Maybeyou already have a 401(k) in place with your employer, and we can help you analyze and optimize itsperformance. Maybe you want to invest in an IRA to maximize your retirement contributions. We cancombine different methods to set you up for success.
If you want to retire in comfort and style, you have to plan your retirement long before your last day atwork. It’s easy to get overwhelmed with all the options, which is why we’re here to answer yourquestions.
When Should I Start Planning for Retirement?Given the magic of compound interest, you should start saving for retirement as early as possible. Mostpeople don’t start a retirement account with their first paycheck, and that’s just a fact of life. If you’rereading this now, but you don’t have a plan in place, it’s time to take action. You don’t have to contribute10 or 15% or more of your income towards retirement right away if that’s not financially possible for you.But we highly recommend you get started right now.
How Much Money Do I Need to Retire?There is no magic number that works for everyone as a retirement fund. It’s highly individual because itdepends on your lifestyle, current income, and future income needs. If you want to live quietly in yourhome that has been paid off and enjoy walks in the park, you probably won’t need as much as someonewho wants to travel extensively. It’s a good idea to have this conversation with our financial planners tohelp us evaluate your income sources and income requirements.
Is Investing Necessary to Build Wealth for Retirement?In short, yes. While you can build a significant amount of savings by putting aside a portion of yourpaycheck, those savings won’t even outpace inflation in a traditional savings account. We understandyou might be afraid to invest your money, because there is a potential for loss. But this fear also preventsyou from building true wealth, which is only possible by making wise investment decisions. We can helpyou navigate the fear of loss by helping you select investments that meet your risk tolerance level.
Planning for retirement can be overwhelming or even scary, but we like to think of it as an excitingprocess to follow throughout your working years. Building wealth takes time, dedication, and hard work.We’re here to support you on your journey to retire comfortably. Let’s talk about your goals. Call us tomake an appointment.