Do you know how you will pay for your retirement? Company-sponsored defined-benefit plans are on the decrease; and Social Security, at a minimum, is likely to become less generous. To make sure you will enjoy a comfortable retirement, you must take responsibility for saving for that retirement. Your chances of saving enough improve dramatically if you:
- Start saving now. It is far better to begin saving small amounts now than to wait a few years to begin saving. Saving a little when you are young can contribute more to your long-term nest egg than saving a lot when you are older.
- Carefully consider where to invest your savings. Review your investment options using appropriate alternatives considering the long-term nature of your savings. Even small differences in rates of return can have a significant impact on the ultimate size of your nest egg.
- Use tax-deferred savings vehicles. Contributions to 401(k) plans, simplified employee pension (SEP) plans, Keogh plans, and some individual retirement accounts are tax-deferred from current income taxes, and earnings accumulate tax-deferred until withdrawn. These tax benefits can provide a significant boost to your retirement savings.
- Once you set aside money for retirement, don't use it for any other purpose. Raiding your nest egg now will only make it more difficult to meet your future retirement needs.
Call today. Together we can design retirement strategies to pursue your retirement goals.