7 Ways to Prepare For Retirement Right Now
Posted February 1, 2022
Posted February 1, 2022
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.
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.
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!
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.
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.
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.
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the account, you will typically get a tax deduction on your contribution and later pay income tax when the money is withdrawn during retirement.
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.
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