If you’re between the ages of 27 and 48, retirement might seem like years away. But having a successful retirement is all about strategizing for the long term. No matter what stage in life you are in, retirement is a journey that requires thoughtful planning and commitment. Below are 3 tips to help you prepare for retirement.
Set your retirement goals
Setting milestone goals throughout your retirement journey is a great way to make sure you stay on track. These goals will vary depending on several factors such as your income, lifestyle, and more. A goal can be as simple as opening a Roth IRA account, or as grand as saving about two times your annual earnings by age 40. Either way, these goals will help guide you towards the retirement you envision.
Work with a professional
Professionals such as financial advisors, brokers, planners, or coaches can help you reach your retirement goals. These professionals provide a wide range of services or specialize in a particular area, so it’s important you find one that aligns with your goals. Identify which areas of financial planning you need help with such as investing, creating a savings plan, or estate planning. Make sure to do your research and verify that they are licensed, registered, and are within your budget.
Review your plan
A good rule of thumb is to review your plan once a year to make sure you’re still on track and hitting your retirement goals. Also, it’s essential to review them after a major life event such as a new job, a new child, or even after a big fluctuation in the economy. That way, you can decide if you need to adjust your retirement strategy by investing a little more or working a little longer before you retire.
Preparing for retirement is an investment in our future well-being. By creating a solid retirement plan, you’ll be better positioned to enjoy the golden years ahead with confidence and peace of mind.
If you need help with planning, LBS Financial Investment Services offers free retirement planning and investment strategy reviews.
Additional Sources:
https://www.indeed.com/career-advice/career-development/retirement-goals
