Planning for retirement is something that we all know we should be doing; however, if you haven’t started yet, you’re not alone. A recent survey from Go Banking Rates found that one in three Americans has no money put away for retirement. Perhaps even more dramatic is the finding that 56% of Americans have less than $10,000 saved for retirement.
It’s never too early to start planning for your retirement but it can be intimidating to know where to start. To help you take your first steps, Focus Financial’s team of financial planning advisors has created the list of questions below to help you better understand your goals for retirement. Review the questions below then find a financial advisor near you to help turn your answers into a retirement planning strategy.
When do you plan to retire?
Having a realistic timeline is the first step for creating an actionable retirement saving strategy. Decide on the age you would like to retire and subtract your current age from that number. This will give you the number of income earning years you have left to save.
How much money will you need in retirement?
This can be a tough question to answer when you’re younger, but try to estimate the amount money you will need to live on each year in retirement. Be sure to take into account living expenses as well potential medical costs.
Are you willing take greater investing risks to meet your objectives?
This is a question that should be discussed with your asset manager as well as your family members and trusted loved ones. When you’re younger, it’s common to be more aggressive with your investing strategy. However, as you get closer to retirement, your portfolio will typically trend towards lower risk investments. These decisions will be an important part of your retirement planning strategy.
Gain a better understanding of your retirement goals and build a strategy for achieving them by working with a financial planning advisor. Find a financial advisor near you and start down the path of achieving your retirement goals today!