Everyone dreams of a comfortable retirement, but the process isn’t always easy. Many people have no idea where to start planning for retirement. As always, America’s First holds your financial well-being first and foremost. We want to be here to help our members through the retirement process by offering a financial safe haven. Having an experienced financial advisor on your side can make your transition into retirement much smoother. Read the tips below and call the experts at America’s First Financial today!
Because You Deserve It
You work hard and deserve a happy, successful retirement. The earlier you begin planning, the more comfortable you will be when the day comes for you to finally retire. Here are a few tips:
- Save more—The 10% savings objective that was the standard years ago might leave you short down the road. These days a savings goal of 20% of gross income is a better target, with that percentage going up the later you start.
- Plan for more expenses in retirement—Many retirees say they spend as much as, or more than, when they worked. As a general guideline, plan on replacing at least 80% to 100% of preretirement income.
- Be realistic about working in retirement—Despite plans to pursue some sort of employment in retirement, most retirees never do return to work.
- If you intend to keep working past 65, now is the time to ask employment counselors or your company’s human resources department for advice about continuing your career.
- Pay more attention to retirement planning—To be really well prepared, you must have a strategy for how you will manage and allocate your investments throughout your retirement years; from which accounts you will draw your income, and how much you can afford to take out each year; how you will insure yourself so that your medical and long-term health-care needs are covered; and, how your estate will ultimately be managed and distributed.
- Invest more aggressively when you are young—Generally speaking, higher returns come with higher risk. You can’t afford to take big risks in your 50s and 60s, so the time to invest for maximum growth is when there are decades between you and retirement.
- Before you begin an investment plan, first determine your risk tolerance (how willing you are to endure ups and downs in your portfolio value). This will help you determine how much of your portfolio comfortably could be invested in various types of stocks.
For more in-depth, individualized counseling, let the professionals at America’s First Financial help you plan to make your retirement the best it can be. Rus Jordan and Carter Lachney, our dedicated financial advisors, will get to know you one-on-one and deliver personalized strategies to help you reach your specific retirement goals.
Call today for your no fee, no obligation consultation:
Birmingham area: 205.320.4035
Toll Free: 1.800.633.8431