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7 Ways to Prepare For Retirement Right Now

Posted February 1, 2022

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Through all stages of life, you’ve had to make a plan and prepare for whatever was ahead, whether that was preparing for a test, a presentation at work, a life change, or just the week ahead, planning and preparing is not a new concept.

Similarly, you’ll need to prepare for and plan for retirement, but the good news is, you won’t have to do it alone.

As you begin to prepare for retirement, the team at Thayer Financial is here to do it with you. Take a look at these seven steps to help you prepare for retirement.

  1. Start Saving!

Because of compound interest, the earlier you can start saving, the better. It’s crucial that no matter what stage of life you are in, saving for retirement is a priority.

  1. Know Your Goals

When you know your goals, it’s easier to save and continue saving! If you’re wondering how much it will cost to retire, we don’t have a specific number for you, but we can help you figure it out. Check out our blog on finding out how much to save here!

  1. Contribute to Your Employer’s Retirement Plan

If your company offers a 401K plan, it’s important to take advantage of this and begin contributing. There are many benefits to a 401k such as lower taxes, company matching policies, and automatic deductions. Be sure to talk with your employer about any specific questions you have about the company’s 401k plan.

  1. Consider Additional Investments

There are additional investment opportunities other than a 401k plan. Everywhere you turn, there will be someone advising you on how you should invest your money, but not all “advisors” work as fiduciaries like we do at Thayer Financial. We developed our unique educational process to cut through the fog of investing and the conflicts of interest.

  1. Leave It Be

When it comes to your retirement savings, it’s best to set it and forget it. If you withdraw from your retirement savings now, you’ll risk ensuing penalties, losing tax benefits, and more.

  1. Set Up An Individual Retirement Account (IRA)

IRAs are not associated with any employer and can be opened by any individual. Traditional IRA accounts function as long-term savings accounts, and individuals can donate up to $6000 annually to an IRA. Because you are depositing pre-tax dollars into the account, you will typically get a tax deduction on your contribution and later pay income tax when the money is withdrawn during retirement.

  1. Call Thayer Financial

No matter what stage of retirement planning you are in, it’s important to have a team on your side to help you achieve your financial goals.  Thayer Financial is ready to advise you on your retirement options and help you create a financial plan from the perspective of comprehensive financial planning to enjoy every moment of your retirement.

Thayer Financial, L.L.C. (“Thayer Financial”) is a registered investment adviser offering advisory services in the State of North Carolina and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. This website’s presence on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute. Follow-up or individualized responses to consumers in a particular state by Thayer Financial in the rendering of personalized investment advice for compensation shall not be made without our first complying with jurisdiction requirements or according to an applicable state exemption.

All written content on this site is for information purposes only. Opinions expressed herein are solely those of Thayer Financial, L.L.C., unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to other parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.

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439 4th Street SW
Hickory, NC 28602

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