Retirement can be frightful but with careful planning and consideration it is possible to prepare for that crucial stage in life.
As early as your twenties you can begin retirement planning by building strong saving habits and if possible contributing to your 401(k) (and taking full advantage of your employer’s 401(k) match if that option is available to you).
In your thirties and forties there are various financial responsibilities such as raising children and maintaining a household but you can still contribute to your retirement savings by putting any raises you receive during these years toward your retirement.
In your fifties and sixties when your children are no longer living at home you should save as much as possible and pay down large debts such as your mortgage and credit card balances.
The Wall Street Journal suggests that waiting until age 70 to begin taking Social Security benefits for a single person in good health is wise because each year that these benefits are delayed payout increases by as much as 8%.
Are you interested in speaking to a financial counselor about your retirement plans? Call us at 1-855-346-7445 no matter what stage of retirement planning you are in.
Lauricella, Tom. (May 27,2013). It’s Never Too Soon to Start Planning Your Retirement. In The Wall Street Journal. Retrieved May 28,2013, from http://online.wsj.com/article/SB10001424127887323475304578500991171167504.html.