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Read moreUntil it’s happening, retirement always feels in the distant future–whether you’re two years or twenty years from it. Wherever you are in life, think about taking your first step in retirement planning. For you, that may mean anything from opening your first IRA to organizing your accounts to retire in the next five years. The sooner you plan for your post-work life, the more empowered you’ll be to make sure your retirement is everything you want. Whether it’s traveling the world, time with family, enjoying your dream home, or ensuring your loved ones will be cared for after you’re gone.
The best time to start planning for retirement is when you enter the workforce. But the next best time is right now. The reason is that the earlier you save money in a retirement account, the greater the return on your investment will be when it comes time to retire. Here are a few easy first steps in retirement planning:
As a general rule, you want ten times your yearly income saved before you retire to carry on the same lifestyle as you had while you’re working.
If you’re approaching your retirement date, there are some first steps for retirement planning you can take for a straightforward transition out of the workforce. Retirement is a lifestyle change in a lot of ways. Of course, you have more free time than when you were working, but your monthly income may also change, requiring adjustments in your lifestyle.
Staying on top of your finances will ensure you have enough money throughout retirement, and you’re able to provide for your loved ones after you’re gone.
A good rule of thumb is the longer you can wait to claim Social Security, the better. There are delayed retirement credits you earn for every year past the full-retirement age you wait to collect.
Also, consider if you can - or want to - keep working in some capacity. Working part-time or as a consultant may mean you can achieve more on your list of retirement goals or make your life more comfortable.
The financial advisor team at OWLFI includes CPAs, attorneys, and financial planners. Together, they design bespoke retirement plans to suit your income, lifestyle, and retirement dreams. OWLFI uses a holistic approach to your retirement, from planning the first step to the first day of your post-work life.
Get in touch with OWLFI and take control of your retirement plans.
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