3 Things You Can Do Right Now to Better Prepare for Retirment
1.If your employer offers a retirement plan such as a 401(k), 403(b), SIMPLE IRA, etc, consider enrolling or increasing your contribution amount. If your employer offers a Roth option, consider your current tax bracket versus your anticipated tax bracket in retirement to determine whether or not you should contribute to a tax-deferred, or Roth option.
2.Consider your expenses. Life is about decisions, and frequently those who delay gratification in the form of saving for retirement in lieu of spending on current “wants” find themselves financially secure as they near retirement age. As I’ve told several clients, I’ve never had someone come into my office regretting that they’re debt free as they approach, or enter retirement!
3.Determine the best age to start retirement. This requires a thorough assessment of anticipated income, taxes, assets, longevity, spousal benefit, and a myriad other factor that impact the decision when to initiate social security retirement benefits.
All of these decisions imply a sober and objective review of your financial situation and the value of establishing a plan. I look forward to discussing with you how I help clients identify and achieve their financial goals and prepare for retirement.
These content provided is for general information purposes only. No information or opinion contained therein constitutes specific investment advice or offer to buy or sell securities. Investors and prospective investors should always seek advice addressing unique financial goals and objectives. Past performance is not indicative of future results.
Lodestone Wealth Management, LLC. is a Registered Investment Advisor and does not provide tax or legal advice. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
The information in this web site is based on data gathered from what Lodestone Wealth Management, LLC. believes are reliable sources. Opinions expressed in these reports may change without prior notice, and are provided for reference only. It is not purported to be complete and is not intended as the primary basis for investment decisions or as legal or tax advice to you. It should also not be construed as advice meeting the particular needs of any investor. Lodestone Wealth Management, LLC. may invest or otherwise hold an interest in companies or securities discussed on this web site.
Statements made by various authors, advertisers, sponsors and other contributors do not necessarily reflect the opinions of our firm, affiliates or Third Party Content providers and should not be construed as an endorsement either expressed or implied.
At times, Lodestone Wealth Management, LLC. may utilize third party content in part or in whole as the basis for blog content. It is provided for information purposes only. We have not been involved in the preparation, adoption or editing of Third Party Content.