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Financial Advisor Retirement Planning Services – If thinking about retirement planning leaves you feeling anxious or sleepy, you’re not alone. What does retirement planning mean?
Retirement planning is a broad term that refers to learning about and choosing financial strategies that will allow you to be comfortable and secure in your retirement years. A good retirement plan, smartly executed, can provide you with enough money to cover all your living expenses for the next year.
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Let’s explore the importance of retirement planning and examine the steps you need to take to prepare for your golden years.
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Good news! On average, people live longer and are able to stay healthy and active in their later years.
But many Americans haven’t saved or invested enough money to retire by age 60, confident that their funds will last. Both the Boston College Retirement Research Center and the Consumer Financial Protection Bureau estimate that about 50 percent of retirees today have cut back on their spending or will be forced to do so due to dwindling resources.
Many retirees rely on Social Security to cover most of their living expenses, only to find out the hard way that it isn’t enough. Social Security retirement income is designed to replace only about 40 percent of the average worker’s salary, but one in five married couples and 45 percent of single retirees rely on Social Security for more than 90 percent of their income.
The bottom line is that many people get by without planning and executing retirement, but those who enjoy retirement the most do so because of retirement planning. A retirement plan that helps you stay financially comfortable after leaving your job.
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Social Security is designed to replace only 40% of the average worker’s salary after retirement. Many retirees downgrade their lifestyles due to insufficient savings.
You may be wondering how much dollar amount is enough to retire comfortably. Unfortunately, there is no unique number. To estimate how much money you personally need for retirement, follow these basic steps:
Saving money is very different from investing. Most people save for retirement by investing in the stock market. If you put part of your paycheck into a savings account, you are unlikely to meet your retirement planning goals. You must invest in assets that will appreciate in value.
To emphasize that the way to save for retirement is to learn how to invest, imagine that you contribute $5,000 each year to a savings account that pays 1% annual interest. Over 35 years, that account will be worth $208,000. But if you invest the same $5,000 annually, assuming only a 7% average annual return, the account will have nearly $700,000.
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Of course, the return your portfolio gets depends on what you invest in. We recommend investing in stocks as the best long-term way to build and preserve wealth, and we recommend saving some cash.
You may be eager to start implementing a retirement plan, but before you start investing, you should already have three to six months of expenses saved up in a high-yield savings account. Keeping this amount in cash allows you to protect yourself from any unexpected financial hits without having to withdraw money from the pension fund. Also, if you are already retired, we suggest you keep the amount you need for the next three to five years in bonds or cash.
Again, the monthly amount you save is different for each person. Your current age, retirement goals and how much pension money you’ve already accumulated are all relevant factors. But as a starting point, most Americans will save and invest 15% of their income for retirement.
If setting aside 15% of your paycheck seems daunting, know that you don’t have to get it right away. At a minimum, if your employer sponsors and contributes matching funds to a retirement plan, contribute enough to that retirement account to receive a full company match.
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If you don’t have an employer-sponsored retirement plan, aim to save 6% of your income, which is the average retirement contribution rate in the US. Then you can work on increasing the amount. Try to increase the percentage of your income for retirement investments by 1% annually until you reach your desired contribution rate. You can also increase your contribution rate when you get a raise.
There are many types of retirement plans, so you have plenty of great options to help you achieve your retirement goals. Retirement plans are grouped into employer-sponsored retirement plans, pension plans, individual retirement accounts (IRAs), and self-employed retirement plans.
When saving for retirement, investors have a choice between paying taxes on contributions to a retirement plan and receiving tax-free withdrawals in retirement, or contributing to a retirement plan with pre-tax dollars and being taxed on withdrawals after retirement. Choosing a tax-advantaged retirement plan is generally the best option if you think your post-retirement income needs will likely put you in a higher tax bracket than your current income.
Roth versions of retirement plans are those that provide tax benefits in retirement. Roth IRAs and Roth 401(k)s are generally the most popular, but you can also consider a Roth 403(b) plan, a Roth 457 plan, or a solo Roth 401(k). Investing in an HSA allows you to withdraw money for qualified medical expenses after retirement or at any age, without paying income tax on withdrawals.
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Whether you have a 401(k) or traditional IRA, you can avoid paying state taxes on withdrawals. Some states exempt your income from these types of retirement accounts from taxation.
If you own a home, are approaching retirement and are concerned about your retirement account balance, you can leverage your home’s value to generate additional retirement income.
With a reverse mortgage, a lender will give you a mortgage payment in exchange for the equity in your home. Reverse mortgages aren’t for everyone, but they’re definitely worth looking into for homeowners evaluating their retirement plans.
Planning your retirement strategy is important, but it’s nothing to stress about, especially if you’re starting early. The same adage that applies to planting a tree, the best time 20 years ago and the second best time now, applies to investing.
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If you need help determining your ideal asset allocation, estimating when you might retire, or planning your retirement income strategy, you can seek advice from a certified financial planner or other qualified professional. The key is to get serious about retirement planning and start today.
Motley was joined by Jialu Streeter, Ph.D., a research scientist at the Stanford Center for Longevity. Got a chance to contact him. Jialu’s research focuses primarily on aging, retirement security, and the financial security and mental health of older adults.
The Motley Fool: Due to the Covid-19 pandemic, many Americans now fear they won’t be able to retire. What advice do you have for someone worried about retirement due to recent financial setbacks?
The Motley Fool: In 2019, the average retirement account savings for American households was $65,000, with the average American under 35 saving $13,000 for retirement. Why do you think this average is so much lower than what experts expect Americans expect?
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Streeter: Only half of American adults have access to workplace retirement plans, such as a 401(k). Second, people are going to school longer and starting to save for retirement later. Third, many people simply follow the “default” retirement savings rate, which is lower.
The Motley Fool: There are no hard and fast rules about when to retire or how much you should save, but what three pieces of advice would you give to someone opening their first retirement savings account?
A retirement plan is a financial strategy that keeps you comfortable and secure in your retirement years.
Few people manage to survive their golden years without a retirement plan, but by being financially comfortable during these years, you’ll really set yourself up to enjoy retirement.
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