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Retirement Planning

The path to a secure retirement is choosing the right retirement plan. A financial advisor can help you along the way!

What is a retirement plan?

Retirement planning entails taking steps to prepare for life after your paid working days are over. Retirement planning entails setting aside some money to help you pay your bills, cater for your medical expenses, pay for your vacation trips, and finance your hobbies after retirement.

At what age can I start my retirement plans?

It is advisable to start planning for your retirement as early as possible when you are still young. Early planning provides more investment return.

With an experienced retirement planner to guide you through the process, you get to enjoy the numerous benefits resulting from investing in a retirement plan. Planning at an early age has more advantages; the earlier you invest, the better the returns that you will receive. One advantage of early planning is the high returns from the accrued interest and the rate of returns on the retirement investments depending on the type of plans you will have chosen.

Benefits of Retirement Planning

  1. Maintain your current living standards, even when you are older, by investing in your retirement plans. A retirement plan will finance your bills and expenses.
  2. Accomplish your retirement goals. Employee contributions can reduce current taxable income. Contributions and investment gains are not taxed until distributed.Contributions are easy to make through payroll deductions. Interest accrues over time, which allows small, regular contributions to grow to significant retirement savings. Retirement assets can be carried from one employer to another. The saver's credit may be available to some employees. Employees can improve financial security in retirement. 
  3. With the right kind of retirement plan, you will still fulfill your dreams even when not working.
  4. Beat inflation. By saving today, you create room to invest in the future as well as grow your money, hence beating inflation that may arise.

Ways To Plan for Your Retirement Plans

Planning for your retirement should begin at the earliest possibility. Find out how much you need during your retirement to help determine the amount of money you need and the type of plan to raise and reach your retirement goals. Your retirement planner will offer different types of retirement accounts, research on each to get one that best suits your retirement.

You need not navigate this complicated planning process alone. Work with a professional planner to review your options and give the best advice. Always keep in mind that future economic circumstances may change, resulting in inflation. As such, your future expenses may rise higher than expected. So when making retirement plans, do not just think of the income you will generate but create space for unknown future liabilities that may occur.

Also, once you have started your retirement plans, avoid debts. Try as much as you can to pay cash for every higher purchase that you make. Remember to prioritize your retirement plan by cutting unnecessary debts.

How much should I invest?  How much do you want to have to retire on?

Future retirement savings value

Monthly Savings, 6%     5 years         15 years            20 years

$50                                    $3,506          $14024            $23,218

$200                                  $14,024      $58,455              $92,870

$500                                  $35,059       $146,136        $232,176

Factors To Consider While Planning for Your Retirement Plan

  • Get the right and trusted retirement bands.
  • Control your expenses-always prioritize your retirement goals.
  • Start planning as early as possible because early planning has more gains.
  • Have annuity plans to guarantee long-life income and assets.

Choosing the Your Retirement Plan

Generally, what you save or invest in today is as important as where you capitalize your money. Seek professional help from retirement planners before choosing any retirement plan. They will advise on which retirement plan best suits your interests. Besides knowing the types of plans, retirement planners have retirement investment tools to help investors grow their savings effectively.

Types of Retirement Plans

There are two types of retirement plans: one saving plan and a retirement annuity plan. Each of these plans helps you grow your money in preparation for retirement. Some common retirement plans include the Employer-Sponsored Plans, the 401(k) plan, the Roth IRA, Self-directed, Traditional IRA, Solo 401(k), among others. Most plans offered by retirement planners can be tailored according to your income and goals.

Start making your investment plans today by researching, taking the necessary steps required, and preparing your life for the future. It's never too late to start investing for the life you want to live after your retirement. Retirement planning helps you retain your financial independence and fulfill your goals and lifetime wishes.

Planning your retirement is an ongoing journey, and at City of Oaks Wealth Management, we are here to help you feel prepared every step of the way. Find out more, or call 919-887-2828 to get started on your retirement planning journey.