Retirement Planning Tips

Are you nearing retirement age and feeling a little anxious about it? Don’t worry, you’re not alone. Millions of Americans feel the same way each year as they approach this major life change. Even if you’re just starting your career, solid estate and retirement plans can make all the difference. Since the average American spends 20 years in retirement (according to the United States Department of Labor), a bit of careful planning can make retirement a more enjoyable and relaxing experience. Here are some tips from experts at the Nowell Agency to get you started.

Saving for Retirement 2022

When it comes to retirement planning in 2022, there are a few key things to keep in mind. Retirement planning experts predict that the average American will need roughly 70% of your current annual income for a comfortable retirement. If you fall into the bracket of low-income earners, you will require more like 90% or more of your current annual income for the years when you are no longer working. It’s all about deciding to take charge of your financial future and start saving now so that you can relax and enjoy when retirement comes.

• Start saving early. It’s never too soon to start putting money away for retirement, and the more you save, the better off you’ll be.
• Set a target date for your retirement. Seek advice from your employer, bank, or financial advisor to help you calculate how much money you will need by your retirement date.
• Learn more about your Social Security benefits and be sure to stay abreast of any changes.
• Take advantage of employer-sponsored 401(k) or 403(b) retirement plans. Make sure that your minimum investment is at least the maximum amount that your employer matches.
• Use your long-term savings for retirement only- don’t touch that money for anything else.
• Review your investments and goals annually and modify as necessary to increase your returns.
• Open an individual retirement account (IRA), either a traditional or Roth IRA, and make it a habit to deposit the maximum amount allowed per year.
• Make sure your savings are diversified. Don’t put all your eggs in one basket; have a variety of different savings vehicles, such as assets in stocks, bonds, and mutual funds to cover all your bases.
• Seek advice from a financial advisor and ask questions about how to more effectively save for retirement with your specific financial situation. The best estate planners can help you create a plan that is tailored specifically for you and your needs. It’s crucial to get practical advice and act accordingly to ensure your money will grow. After all, financial security doesn’t just happen, it requires planning and commitment.

By following these tips for retirement saving and estate planning, you’re on your way to a secure future!

Best Estate and Retirement Planning 2022

Financial security is one of the most important things you can achieve in life. When it comes to estate planning and retirement, there are a lot of factors to consider. With careful planning and some sound advice, you can ensure that your golden years are worry-free. Nowell Agency is here to help you achieve an enjoyable retirement through our comprehensive estate and retirement planning services. When you consult with an experienced Nowell Agency team member, we’ll help you plan a portfolio of estate and retirement planning products that protects your financial future and that of your family. Contact us today for more information or call 601.203.0456 and set your future up for success!