1. Plan Today for a Better Tomorrow
If you don’t have a retirement planning strategy in place, you could soon find yourself running out of time.
It’s important that you plan today or a better tomorrow. It’s never too late to start retirement planning, but it’s best to tackle this as soon as possible. The younger you are when you start, the easier it is to reach your retirement goals.
2. Pensions are a Thing of the Past
Your parents may have relied heavily on a pension to get them through their retirement years. Unfortunately, this is no longer common.
Some companies provide pensions, but they’re few and far between. Take retirement planning into your own hands.
3. Social Security isn’t Enough
Most people find that they won’t receive enough in Social Security benefits to fund their retirement lifestyle.
Keep close tabs on how much money you can expect to receive in Social Security benefits. This will give you a better idea of how much you need to save.
Note: many people believe that Social Security benefits will decrease in the future, so keep that in mind as you plan.
4. Compound Interest is Powerful
At first, you may be disappointed with how quickly your retirement savings account(s) is growing. However, a little bit of patience will go a long way in putting your mind at ease.
Compound interest is powerful. The more money you put into your retirement account the more interest you’ll earn. Keep with it over the course of your career. You’ll be glad that you did when you see your balance as you close in on retirement age.
For assistance with all things related to retirement planning, visit the website for Levine, Furman & Rubin at https://levinefurman.com or by calling our office at (732) 238-6000.