When it comes to planning for retirement, it is never too early to start. However, it can be difficult to know exactly where to get started. Regardless of whether you are opening your first retirement account, or revising your strategy late in your career, you may find it helpful to speak to a financial planner for advice. Harvest Wealth Partners’ Whiting retirement planning services are geared towards helping customers develop financial strategies that aim at achieving your individual goals for the future.
When you meet with one of our financial advisors at Harvest Wealth Partners, we will start by discussing your current financial situation and where you would like to be in the future. Orienting your goals around when you would like to realistically retire and how much money you will need to do so will help give us a clearer picture of what strategies may be appropriate for your given circumstances.
However, many people are surprised at the amount of money that is needed to retire comfortably. A common recommendation is to replace around 80% of the money that you were making before you stopped working full time. Because this number will likely include Social Security income, it’s important to factor in your hopeful age of retirement with how much you need to save. According to the Social Security Administration, the amount of money that you receive in Social Security Income will vary based on how long you wait to start collecting benefits. In other words, the longer you wait to stop working, the more that you will receive each month from Social Security.
There are a number of different types of retirement accounts that may be available to you. These include a 401(k), IRA, Roth IRA, and many more. Speaking to an advisor is one way to weigh your options and understand how each account works in terms of your goals.
One of the most common types of retirement accounts offered by employers is a 401(k). A 401(k) allows you to make contributions with tax advantages and, in some cases, your employer may also match a portion of that contribution. 401(k) plans typically allow you to choose from investment options that are offered by your employer. If you are feeling uncertain on how to choose, a professional can discuss your options with you.
Planning for retirement can be complicated, and you might have questions. We offer initial consultations free of charge, so that you can feel comfortable asking those questions while you decide if our services are right for you. At this first appointment, you can speak to one of our financial advisors about your goals and what you would like to accomplish by working with us. To get started with our Whiting retirement planning services, contact us today.
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