These days, it can be difficult to know where you stand in terms of your financial plan for the future. With the coronavirus pandemic and election throwing the markets for a loop, millions of Americans have been questioning exactly how their financial futures will play out. As you continue to advance in your career and approach retirement, it is key to have a plan in place prior to retiring. To learn more about how you can determine if you are on track to retire, keep reading!
- You Have a Date Range
This is a key element of your retirement plan. When do you really want to retire? Once you have an age range or specific age at which you would prefer to retire. This is the age where your retirement savings come into play. You have saved throughout your entire career for this age, and your spending starts the day you retire. Once you determine your ideal retirement age, you also need to factor in Social Security. Are you planning to take Social Security before your full retirement age? The amount you receive from Social Security is dependent on the age you choose to retire. Should you choose to retire sooner than your full retirement age, your benefit amounts will be lesser than they would if you chose to retire at your full retirement age.
- You Frequently Check Your Savings
This is key for anyone at any age. If you are not frequently checking your savings accounts to make sure you can afford your needs one day. Depending on the types of retirement accounts you chose to store your investments in, your savings will vary, which is why it is extremely important to review and update your savings, goals, and plans for your financial future.
- Meet with a Financial Professional
No matter your financial status, meeting with a financial professional is never a bad idea. When it comes down to your retirement plan, meeting with a financial professional is highly recommended in order to maximize your retirement one day. With each type of retirement savings plan, there are several pieces of information that can be overlooked and can harm you in the long run, which is why it is beneficial to meet with a financial professional to make sure those items are not overlooked.
We know that in this time and day, retirement may seem daunting. LifeBridge Financial Group wants to make your retirement planning process as seamless as possible. We want to make sure you are aware of all that can affect you come the time to retire. If you would like to learn more about how we can help, visit our website here.