A Low Income Doesn’t Mean You Can’t Plan for Retirement 

A Low Income Doesn’t Mean You Can’t Plan for Retirement 

Date: February 12, 2022,

If you are living at or below the median income for your area, you may be more concerned about meeting your day-to-day costs and expenses than you are about planning for retirement. But planning for retirement is essential, regardless of your income! At Harvest Financial Planning, LLC, we can assist you in planning for retirement, no matter how much you earn. 

Who Should Plan for Retirement?

Everyone who is a working professional and has any income should plan for retirement. This includes people who are starting in entry-level jobs, those who are middle-aged, as well as those who are thinking about retirement in just a few years. Planning for retirement at a young age is important, but even if you’re past your youth, you should still plan for retirement. 

While planning for retirement on a low income can be challenging, it’s not impossible, and our professionals can help you to put together a plan that works. 

How Much Money Will You Need When You Retire?

How much money you will need when you retire depends on what you want your life to look like during retirement years. Some people want to have a luxurious retirement where they travel; other people are happy with a simple retirement. You should analyze your lifestyle and think about what it will look like during your post-working years. Our team can help you to calculate your retirement costs if you are struggling to do so.

In addition to your basic costs of living, you will also need to think about healthcare costs, long-term care costs, and emergency expenses. We can help you to plan for all of these. 

How to Start Saving for Retirement

Saving for retirement starts with putting a plan in place for consciously setting aside a little bit of money each paycheck. It’s smart to have this money directly invested into a retirement account, such as a 401(k). We can guide you through retirement savings options and help you to choose a tax-deferred plan that makes sense for you. 

Get Help from Our Retirement Planning Professionals

To learn more about planning for retirement, even when you are not earning within the income bracket that you’d like to be, please reach out to our retirement planning professionals at Harvest Financial Planning, LLC. Call us directly or send us a message online to get started. We offer free initial consultations, and are passionate about serving clients like you.

 

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.
This material was prepared for Harvest Financial Planning’s financial advisor use.
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