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TOP 10 WAYS LIST:
1. Know Your Retirement Needs
Retirement is expensive. Experts estimate that you’ll need about 70% of your pre-retirement income to maintain your standard of living when you stop working. Understand your financial future.
2. Find Out About Your Social Security BenefitsSocial Security pays the average retiree about 40% of pre-retirement earnings. Call the Social Security Administration at 1-800-772-1213 for a free Personal Earnings and Benefit Estimate Statement (PEBES).
3. Learn About Your Employer’s Pension or Profit Sharing PlanIf your employer offers a plan, check to see what your benefit is worth. Most employers will provide an individual benefit statement if you request one. Before you change jobs, find out what will happen to your pension. Learn what benefits you may have from previous employment. Find out if you will be entitled to benefits from your spouse’s plan.
4. Contribute to a Tax-Sheltered Savings PlanIf your employer offers a tax sheltered savings plan, such as a 401(k), sign up and contribute all you can. Your taxes will be lower, your company may kick in more, and automatic deductions make it easy. Over time, deferral of taxes and compounding of interest make a big difference in the amount of money you will accumulate.
5. Ask Your Employer to Start a PlanIf your employer doesn’t offer a retirement plan, suggest that he/she start one. Simplified plans can be set up by certain employers.
6. Put Money Into an Individual Retirement AccountAs of 2008 you can put $4000 a year into an Individual Retirement Account (IRA) and $1,000 additional if you’re over 50. If you don’t have a retirement plan (or are in a plan and earn less than a certain amount), you can also take a tax deduction for your IRA contributions to a traditional IRA account.
7. Don’t Touch Your SavingsDon’t dip into your retirement savings. You’ll lose principal and interest, and you may lose tax benefits. If you change jobs, roll over your savings directly into an IRA or your new employer’s retirement plan.
8. Start Now, Set Goals, and Stick to ThemStart early. The sooner you start saving, the more time your money has to grow. Put time on your side. Make retirement saving a high priority. Devise a plan, stick to it, and set goals for yourself. Remember, it’s never too late to start. Start saving now, whatever your age.
9. Consider Basic Investment PrinciplesHow you save can be as important as how much you save. Inflation and the type of investments you make play important roles in how much you’ll have saved at retirement. Know how your pension or savings plan is invested. Financial security and knowledge go hand in hand.
10. Ask QuestionsThese tips should point you in the right direction, but you’ll need more information. Talk to your financial advisor or contact us at CH Wealth Management LLC. Ask questions and make sure the answers make sense to you. Get practical advice and act now.
QUICK FACTS
FACT: Financial security doesn’t just happen, it takes planning, commitment, and yes, money.
FACT: Less than half of Americans have put aside money specifically for retirement. You can’t retire with security unless you really prepare for it. That means facing up to reality, and beginning to take action for tomorrow as well as today.
FACT: According to one of the largest operators of corporate 401(k) plans, more than a third of corporate employees don’t even join their plans. Putting away money for retirement is like giving yourself a raise. It’s money that gives you freedom when you want it and deserve it.
FACT: The average American spends 18 years in retirement. Today, half of Americans guess when determining their retirement needs. Don’t be one of them. Find out more. Save now and beat the retirement clock.
We are available to help you plan for your comfortable retirement. If any of these 10 items triggered an area of concern, we can help. Please call us at 972-644-7112 or email Charles Chapman at
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or Nancy Schulze at
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.
Securities & Advisory Services Offered through VSR Financial Services, Inc., A Registered Investment Adviser and Member FINRA/SIPC. CH Wealth Management, LLC is independent of VSR Financial Services, Inc.
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