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11 ways to strive for a delightful Retirement

11 ways to strive for a delightful Retirement

| February 27, 2018
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  1. Start saving early. If you are late to the game start because it is never too late.
  2. Take advantage of your employer retirement plan and match. If they do not have match participate anyways and if they don’t offer a plan start an IRA and a Roth IRA. Make sure your spouse does the same and that you understand each employer benefit offered at each other’s workplace. Start with saving a minimum of 6% and work your way up to 12 to 15%. The small increments will not affect you as much as you think!
  3. Continue to save. Don’t stop!! If the market is up, save and if the market is down, still save.
  4. Add 1% each year to your savings. If you get a raise or tax money back save a little and spend the rest. Just make sure you pay yourself first.
  5. Take advantage of the tax benefits of a retirement plan and also ask your tax preparer about additional tax credits offered to savers like the Tax Savers Credit and the Earned Income Tax Credit. These can be benefits that often get overlooked when calculating overall tax and saving benefits.
  6. Take advantage of your Employers Match. Make sure you at least save to get the maximum free match.
  7. Watch your investment fees in all your accounts like your 401k, 403b, IRA, Roth IRA’s Annuities, 529 plans. You would be surprised what you might be paying.
  8. Have an age and risk-based appropriate investment strategy among all of your investment accounts.
  9. If your employer offers a Health Savings Account. Review the offering and understanding if an HSA is for you. An HSA is tax-deferred, Grows Tax-Free and is Distributed Tax-Free if dollars are used for medical uses. This is a great tool for paying medical expenses in retirement and can save you a lot of money. 
  10. Look to protect your assets when you get closer to retirement by investing more conservatively and possibly using vehicles that seek to protect your principal.
  11. Get a Financial Plan and analysis that will be adjusted for good markets and bad markets. What is your range? How much should you save? When should you become more conservative? How much insurance will you need? How to protect my family?

These are steps to help you strive for a successful retirement. If you need help getting organized or started consult with a retirement plan advisor.

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

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