We are getting closer and closer to the start of another year. Which is a reminder for all to get your retirement accounts in order Have you maximized your contributions? Have you taken your required distributions? For more help making sure your retirement accounts are in order check out THE END IS COMING – Preparing for the Year’s End.
If you do not even have retirement account to get in order you need to stop and take a minute to think about your retirement plan. Do you have a plan of action for when you retire? Are you planning on retiring? Maybe you just started a new job and have a new family and it seems you have no time for anything else. Nor do you even want to think about anything else. You may or may not have the time but what about the money? Did you just buy a home and so saving for retirement seems too big of a stretch? Maybe you bought that toy you were always dreaming about. Regardless of what your situation it can be quite easy to find yourself without a retirement plan.
If you have not thought about planning your retirement or setting up specific retirement accounts, chew on this, many experts suggest that you’ll need roughly 60-80 percent of the income you earned while working to maintain your current lifestyle. That is a good chunk of money!! Another thing you should remember is even though you may not want to retire, you may have too. Sometimes health issues or family matters my force you to retire early. Whether you have to retire early or not you are going to need money for your retirement. The earlier you plan and put into action that plan the more of an impact you can have on your retirement.
There are many things you can do to plan for your retirement. First talking to a professional is very important and can help you make sure you set up the right account that will be the best for you. One thing you can do now to give you an idea of how much money you are going to need use the following retirement calculator as cnn.com. Once you have used that calculator to figure out how much you will need by retirement use the following retirement calculator at bloomberg.com to see how much you are going to need to contribute each year to get a rough estimate.
This is just a jump start to help you start thinking about your retirement but act now! Start saving today for your retirement. It will creep up on you quicker than you imagined and you will look back and wish that you had saved for your retirement. It isn’t something that is a good idea but a GREAT idea.
If you would like help setting your retirement account up, namely a self directed IRA please contact us today to talk with a professional.
Author: Nick Barker