You visit the dentist when you’re a toddler and get your driver’s license when you’re 16, but do you know your retirement planning milestones? Planning ahead for retirement should be added to your calendar at these times throughout your life to ensure your lifestyle won’t drastically change when you make the life changing decision to retire. At KNR Consulting Group, we want you to have the retired life you have always dreamed of. If you haven’t thought about retirement enough to have a dream, start today by contacting our retirement planners.
You should probably do this before you go out on the town and try as many cocktails as you can stand. Whether you’re in college about to graduate, or if you skipped school and went straight to work, it’s time to start saving money. If you have an employer who matches 401-k contributions, that is a huge advantage. If not, contributing still will make a big difference in your savings. With an eight percent annual gain, at the age of 25, saving $2,000 a year for 40 years will leave you with $560,000. If you wait until age 35, you will only save $245,000. That is still a significant amount, but it’s less than half the amount if you started 10 years sooner.
Well, the party might not be over yet, but entering your 30’s means some serious adult decisions. This is a great time to hire a financial advisor because you have a good amount of savings you can possibly invest with. With an index fund, such as S&P 500, or options within Vanguard, the cost is low and you can add more to your savings.
During this time, you may be in the throes of a middle-age crisis, but take a minute to come back to reality and plan for your children’s future. If you have children, now is a great time to plan for their future by creating a will or a trust fund. Your assets are important, not only to your retirement, but they can greatly impact your children’s lives. Planning these things now will make it easier than waiting until it is too late or when you may not have the state of mind to do so.
Now that your dependants can fend for themselves, it’s time to put your interests first. At this age, you are eligible to draw from your social security, but the longer you wait to receive social security checks, the better. Making firm plans for your retirement at this time will ensure that there is nothing left out.
Now is the time to celebrate, you can withdraw from Social Security at the highest rate and half way through the year, you are required by law to withdraw from your 401-k. With this money, you can continue to invest and still lead the lifestyle you’ve been dreaming of.
It’s been a long journey and it’s been a lot of hard work for the past 50 years, but when the planning, saving and investing is done ahead of time, you can have the ease of mind to enjoy the money you’ve saved. With the help of KNR Consulting Group, you can get the most out of your money. With the help of our investment and financial advisors, planning for retirement has never been easier. Investing money and planning for retirement can be overwhelming without the help of a financial advisor, but you don’t have to do it alone. Contact KNR Consulting Group and learn more about how to plan for retirement in a smart and efficient way.