I have been asked many times how do I go about setting up a retirement plan? Where do I start?
So let me ask you some questions:
- How much money are you going to need for retirement? $100,000, $200,000, $500,000, or maybe $1,000,000. Most experts say that the average amount needed at retirement for most people is a minimum of $1,000,000.
That’s a lot of money isn’t it? But are your expenses going to change after you retire? Probably not
- How much would you have to put away to create that amount of money? That varies by your age, income, health, etc…but the key is being realistic and start doing something.
- Where is the money coming from after retirement? Some people choose annuities, some stock market, other financial vehicles but the important thing is to get started as soon as possible.
- How can I contribute money to my retirement plan? The best way is to contribute to your smart personal bank. In other words “pay yourself first.” Most people pay their bills first and then have nothing left to put away for retirement. If you pay bills first you will never have a retirement.
- Which investments should I use? The answer is first invested in money that can’t be lost. Use financial instruments that have guarantees but they usually have lower rates of returns. Therefore, you will have to take some risk but never take more risk than you can afford to lose.
Here are some other facts to take a look at provided by the Department of Labor:
- Fewer than half of Americans have calculated how much they need to save for retirement.
- In 2010, 30 percent of private industry workers with access to a defined contribution plan (such as a 401(k) plan) did not participate.
- The average American spends 20 years in retirement.
Putting money away for retirement is a habit we can all live with. Remember…Saving Matters!
The Importance of Having a Financial Plan
In today's uncertain economy, financial planning has become increasingly important. With an overwhelming number of options for saving and investing, managing your finances can be difficult.
Creating a financial plan helps you see the big picture and set long and short-term life goals, a crucial step in mapping out your financial future. When you have a financial plan, it's easier to make financial decisions and stay on track to meet your goals. Working with a CFP® professional can secure your financial well-being and give you peace of mind and help you reach financial planning success. SEE MORE
The Benefits of Having a Certified Financial Planner™
Some people decide to do their own financial planning, but you may want to seek help from a Certified Financial Planner™ professional if you:
• Want to better manage your finances, but aren't sure where to start
• Don't have time to do your own financial planning
• Want a professional opinion about the plan you've developed
• Don't have sufficient expertise in certain areas such as investments, insurance, taxes or retirement planning
• Have an immediate need or unexpected life event
Additional resources for this article:
CFP- Certified Financial Planners http://www.letsmakeaplan.org/
Call Brown Financial Group today to help with your retirement decisions!
If you are interested in achieving Happiness, Success & Wealth then contact my office to arrange an appointment
When looking for a Financial Consultant in Ohio, Columbus native Roger L. Brown is a quality choice. He has over 30 years’ experience in the financial industry and cares about helping you reach your individual, family and business goals. He is focused on creating a foundation of happiness, success and wealth. Roger provides unparalleled professionalism in the services he offers.
He is very active in the community and represents the welfare of children, families and seniors. He was the founder and Executive Director of the Senior Resources Alliance of Central Ohio, representative to Ohio White House Conference on Children & Youth, served on the budget committee of Licking County and is active in church and religious affairs. Roger is also a recognized lecturer and speaker on Aging, Financial and religious topics and always provides FREE seminars to varies groups on wealth management solutions.
Additional highlighted awards and activities:
Licensed with State of Ohio Insurance Commission: Life, Health, HMO & Annuities, Property & Casualty
Recipient of the George Washington Medal presented by National Freedom Foundation at Valley Forge Qualifier Million Dollar Round Table
Member, National Association of Financial and Insurance Advisers
Member, National Association of Health Underwriters
LIKE HIS FAN PAGE: LIKE