As you celebrate this year’s Thanksgiving with beloved family and friends, we thought now would be a great time to ask you to consider the many Thanksgivings you have ahead. Have you begun planning for your retirement, and done everything you need to do so as to be comfortable in these later years? Here are six tips on how you can build a solid future, for which you can be truly thankful.
1) Save every month, and stick to your goals
Whether you save a lot every month, or only manage to put a small portion of your paycheck away, it’s important that you do so each and every month without fail. Make saving for retirement a priority because the sooner you start saving, the more time your money will have to grow!
2) Maximize every retirement savings plan that you can.
Whether it’s a traditional IRA, Roth IRA, 401(k), or pension plan, make sure that you are properly enrolled and contributing the most that you can. Retirement savings plans are absolutely essential tools towards living comfortably in your later years.
3) Think about what you’ll need to retire comfortably
Where to live; whether to rent or own; how much money goes in and out each and every month; your current and anticipated medical needs… These and many other factors will help you determine what you’ll need to retire comfortably. Once you have that number you can then set goals and plan now for these future years.
4) Don’t forget to account for inflation
The unfortunate fact is that whatever money you have now in savings will probably be worth much less in the decades ahead. Make sure to account for an estimated 2% annual inflation as you plot out your financial needs.
5) Decide what age will be best for you to begin collecting Social Security
The age you begin to collect Social Security will impact how much you receive from it each month. The longer you wait to begin receiving payments, the more you’ll receive, and proper financial planning at this stage will help you maximize this benefit.
6) Schedule – and keep – regular appointments with your physician
Last, but certainly not least, is our strongly held opinion that no amount of financial success can replace what you may lose if you are not also physically healthy in your retirement years. So schedule and keep all checkups and appointments with your physician and dentist, and get in the habit of eating healthy foods, exercising regularly, and sleeping the proper amount each night. These habits will pay substantial dividends down the road, we guarantee it.
Hopefully, these six tips will jumpstart your own retirement planning, and get you thinking about what you need to do so you may enjoy many, many more Thanksgivings to come. For the here and now, we want to wish all of our employees and customers a truly happy and bountiful Thanksgiving, and a wonderful holiday season ahead. If you want to learn more about our company, J.G. Wentworth, please call us anytime at 877-227-4713.
Nothing above is meant to provide financial, legal, or tax advice. You should meet with appropriate professionals for such services.