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Retirement Plans
It is crucial you start to plan for retirement as soon as possible. The longer you leave it, the more you will need to contribute to achieve a comfortable income in retirement. People now are living 20-30 years past retirement. The number one concern of seniors is that they will outlive their income.
The importance of retirement plans
The quality of your life in the future will depend on what you contribute in the present. You will probably want to retire happily with personal and financial peace of mind. The last thing retirement should be is stressful for you and your family.
Evaluating your retirement needs
If you retired today, would you have enough money to fund your desired retirement lifestyle?
It may be a difficult question to answer because there are so many variables to consider. However, it is important to evaluate your present financial situation and attempt to forecast your retirement picture.
Let Achieve Financial help you evaluate your plan with pre-retirement and “at” retirement planning with no cost to you.
Formulating a retirement plan
Start by forming a better understanding of the three possible income sources available to you.
- Government / State retirement plans
- Company retirement plans
- Personal retirement plans
Compare your expected retirement income against your required income at retirement. For most you will need 60-80% of what you were making when you were working for retirement income. (Example: When you were working you made $70,000 per year. 70% of $70,000 is $49,000 per year or $4,083 per month in retirement income)
Retirement planning for your business If you are a sole proprietor, partner or a CEO of a company, we can provide information on how to plan for retirement for yourself and your employees.
Careful planning can produce excellent retirement plans for you and your employees. In fact, providing your employees with a Retirement Planning service can be a highly effective way of improving moral, loyalty and performance.