If you're like most people, you're looking forward to enjoying a comfortable, carefree retirement. After all, retirement is meant to be a well-deserved reward after years of hard work. But when it comes to planning for your retirement, it can be difficult to know where to start. Are you on the right track to reach your retirement goals? Find out how to plan and save for the relaxing retirement you deserve with these helpful tips.
Define Your Ideal Retirement Lifestyle
How much should you save for retirement? It all depends on your desired retirement lifestyle. Whether you want to travel the world, start a new hobby or stay close to home—how you spend your retirement is up to you! Take your time to consider what's most important to you and give yourself permission to dream a little. Picturing your ideal retirement will help you determine how much money you'll need to achieve your goals.
Start a Savings Plan
Once you've defined your retirement lifestyle, you'll need to establish a retirement savings plan. Ideally, you should start saving for retirement in your 20s or 30s, but it's never too late to begin making contributions to your retirement account. If your employer offers a 401(k) match program, try to maximize your contributions to increase your retirement savings. Or, put your money in an Individual Retirement Account (IRA). Both of these savings vehicles will allow you to grow your money in a tax-advantaged way. Not sure which option is right for you? Speaking with an experienced financial advisor will help you find the savings option that fits your unique situation and goals.
Review Your Budget and Savings Progress
Many people make the mistake of taking a “set it and forget it" approach to their retirement planning. While establishing a savings plan is a good start, it's important to revisit your retirement strategy on a regular basis to adjust for any changes. Especially as you get closer to your intended retirement date, you'll need to review your finances and assess your savings progress. An experienced financial advisor can assist you in fine tuning your budget and savings plan so you're on the right track to support the comfortable retirement you want.
Get Help from the Professionals
At times, planning for retirement can be a confusing and complicated process. That's why it's important to find a licensed representative who can help you develop the path to retirement that's best for you. The CFS* Financial Advisors on Wright-Patt Credit Union's Retirement Solutions team, available through CFS*, offer retirement planning and advice. We simplify the retirement planning process, helping you identify your goals and create a savings plan so we can help you live the life you want to live today, tomorrow and beyond.
Whether you're just beginning to save or counting down the days to retirement, our team is here to answer your questions and make retirement planning a little easier! Schedule a complimentary appointment today with our Retirement Solutions Team available through CFS*.