Planning for retirement is a crucial step for adults in the workforce. It helps them stay secure after their career, provides stability, and leaves money for any emergency costs that may occur. So, you may wonder, how do you get the most of it? Well, everyone’s strategy is different depending on your goals and income. Still, there are some quality strategies you can use to make retirement that much more effective.
1.) Limit withdrawals
While it may be tempting to take out larger amounts of money from your assets, you want to be sure that you maintain a robust rate in case of market fluctuation and other issues beyond your control. Experts advise that you withdraw roughly 4% of your retirement yearly so your portfolio remains balanced and that there is room for inflation and other things that can affect your savings.
2.) Take advantage of guaranteed income
There are three sources you can utilize (if applicable) for your retirement: social security, pensions, and annuities. If you have any of them, read about them in detail, plan accordingly, and have each of them stocked with plenty of money so you can have as many sources of income for your future as possible. After all, you’re investing in it already. Why not cash in when you can?
3.) Get expert help
The chances are high that you aren’t an expert on retirement strategy – and that’s okay! Brownell Financial Services is happy to service you and help you come up with the most effective retirement strategy for your lifestyle, goals, and income. Don’t hesitate to ask for help and make sure it gets done correctly.
4.) Start early
You may think that because it’s a while off that you don’t need to start planning for retirement. Why worry about something that is so far removed from your current life? In reality, you’ll find that planning earlier and getting your affairs in order before it’s time for retirement ensures you have a better plan, keeps your funds higher, and leaves room for adjustments. Starting earlier than you anticipate makes your strategy stronger and more successful, not to mention much less stressful. It’s taken care of already!
With these retirement tips, you’ll have a wonderful future and feel that much more secure. Brownell Financial Services is happy to help you, so don’t hesitate to reach out to us and see what we can do for you today.