From October 19th – 25th people across the nation will participate in National Save for Retirement Week, raising awareness about the importance of retirement planning.
It’s a great time to think about your financial goals and take the steps to ensure you have your ideal retirement. With National Save for Retirement Week in mind, here are three tips for retirement planning:
- Decide what you want: Whether you are 22 or 55, it’s important to have an idea of the retirement lifestyle you want. Do you want to spend time traveling, or relaxing with family? Describe your ideal and research how much that lifestyle will cost by the time you retire.
- Decide how often and how much: Determine how much financial capital you will need during retirement based on your preferences. Once you determine how much you will need, figure out how much you need to save yearly, monthly, or even weekly, to meet your financial goals. Several workplaces offer retirement contribution plans and corporate matching. Research your options and ask how to sign up for your company’s available accounts.
- Have a balanced financial portfolio: Financial experts agree that your portfolio should be diversified and include a variety of tools. For example, a fixed index annuity (FIA) protects your principal and provides a consistent income stream for life. It is tools such as these that you should consider for your portfolio.
If you need help, speak with a financial professional. They can help identify which financial tools, such as FIAs, are the best fit for your portfolio and retirement plan.