Arnold, Bruce & Doerfler Insurance Blog
On the surface, there hasn't been much change in retirement planning throughout the years. You work hard for a while, save money, and then retire. While the principles remain the same, today's savers face several difficulties that previous generations did not.
Various sections in this retirement guide will help you map out a perfect strategy, from budgeting and setting objectives to picking the right retirement savings account.
How Much Should You Put Aside for Retirement?
One of the most difficult aspects of planning retirement is imagining yourself as a 70-year-old. Many people become so overwhelmed by the prospect of saving for an uncertain future that they fail to save anything. Fortunately, retirement planning is not unduly difficult, but you'll need a road map to keep you on track – one that can grow over time.
Consider what your lifestyle might be like in retirement as a first step. Make a list of your retirement goals with pen and paper.
Then add up all of the income you might receive once you stop working. Consider your pension income, social security payments, and other funds that may come your way, such as rental income from a property. When you add up your income and costs, you'll have a fair sense of how much you'll need to save for each year of your pension.
What Is The Best Way to Begin Saving for Retirement?
While it's always a good idea to start saving early – even $25 a month in your 20s can assist – it's also fine to put money down for more immediate needs first, then tackle retirement in your late 30s and early 40s.
You don't want to wait much longer because you'll need time to deposit money into a retirement account and see it grow. The longer you wait, the more money you'll have to set aside each year, making the task much more difficult.
One Last Note on Retirement Planning
When it comes to saving for retirement, the key is to start as soon as possible and stay on track. Retirement planning isn't a one-time event, and keeping track of your accounts and applying tactics to assist you in reaching your objectives should be a continuous effort.
Working with a professional financial advisor is one of the best ways to build a realistic savings plan and investment plan to keep you on pace to enjoy a financially secure retirement.
At Arnold, Bruce & Doerfler Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (503) 222-1951. Get your free quote today by CLICKING HERE. Coverage discussed in this article is not guaranteed. Please contact our agents today to ensure that your needs are being met and learn more about your policy. We are happy to help!