[vc_row][vc_column][vc_row_inner][vc_column_inner][vc_column_text css_animation=”fadeIn” css=”.vc_custom_1549845288445{margin-top: 2% !important;}”]The best number for retirement planning is five—for the five letters in the word “early”. This is by far the best word that can make or break your retirement dreams. The explanation is simple enough. By stashing your money for a longer period of time, it increases the amount of time you save money and receive compounded growth.
However, no matter how old you are, now is the best time to begin, and starting with the end in mind is a useful tool to keep you focused. How do you see yourself lounging the days away when your demanding work days are over for good? Imagine your lifestyle – where do you live? How much are you spending each month? Creating a plan built to support this vision is the ultimate goal.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row type=”vc_default” full_width=”stretch_row_content” equal_height=”yes” bg_type=”image” parallax_style=”vcpb-vz-jquery” bg_image_new=”id^270|url^https://TheRetirementSolution.com/wp-content/uploads/2017/10/back-app.jpg|caption^null|alt^null|title^back-app|description^null” css=”.vc_custom_1549845374725{margin-top: 50px !important;padding-top: 3% !important;padding-right: 10% !important;padding-bottom: 5% !important;padding-left: 10% !important;}”][vc_column][ultimate_heading main_heading=”Financial Planning Tools for Any Age” heading_tag=”h3″ main_heading_margin=”margin-bottom:2%;” main_heading_font_size=”desktop:24px;” margin_design_tab_text=”” sub_heading_margin=”margin-bottom:2%;”]Your specific age will largely dictate how you should start planning. There are a few tools and strategies that are effective for certain ages more than others. The trick is knowing which ones to use and when to use them.[/ultimate_heading][vc_separator color=”custom” border_width=”2″ css_animation=”fadeIn” accent_color=”#f3c400″][vc_row_inner equal_height=”yes” gap=”35″][vc_column_inner el_class=”iconboxitemi” width=”1/3″ css=”.vc_custom_1516409063475{padding-top: 45px !important;padding-right: 22px !important;padding-bottom: 10px !important;padding-left: 22px !important;background-color: #ffffff !important;border-radius: 4px !important;}”][vc_column_text]
If you are a Millennial (22-37), there are a few retirement planning tools you can leverage:
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- Company-sponsored Retirement Plans
- Begun early in your career, you have the advantage of time and those wonderful words “compound interest” on your side again.
- You should always strive to meet your employer’s match to earn “free money” and to show your appreciation for their generous gesture.
- Contribute as much as $18,500 in pre-tax income so that the government takes less of a cut.
- Roth IRA – When you pay taxes now on contributions, you won’t have to pay taxes when you use the money in retirement.
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For Gen Xers (38-53):
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- Consider a traditional IRA if you’ve maxed out your 401(K) contributions.
- Seek the expert advice of a retirement planner to know if you’re on track to achieving the timeframe of your retirement goals and objectives.
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For Baby Boomers (54-72):
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- It’s best to not take money out of your 401(k) prior to 59-and-a-half to avoid a 10% tax penalty, but after this age you can make early withdrawals without any penalty.
- Get a Social Security optimization report to know how to maximize your benefits throughout your lifetime.
- Protect your nest egg by moving your money to safer investments to avoid the volatility of the stock market.
- Begin making regular withdrawals of your required minimum distributions at age 70-and-a-half.
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Stay on Top of Your Financial Planning
Meeting annually with a professional to review your plan and make any necessary changes to right you on the correct course is the best way to increase your chances of meeting your retirement goals. Committing to a written plan that keeps you accountable will go a long way to bolstering and improving the amount of quality sleep you receive.
Once you take the leap to engage with a financial planner, commit to being as up-front and transparent as you can about your fears, concerns, goals, objectives and dreams. The better you can articulate the vision of where you want to be, the better they can assist you in creating a written retirement plan to help you get there.
At TRS, our retirement planners are passionate about helping clients succeed in the second half of their life. Through their holistic retirement planning process, clients gain the knowledge and confidence to transition peacefully into their golden years. Take the first step to achieving financial freedom by scheduling a free consultation today.[/vc_column_text][/vc_column][/vc_row][vc_row type=”vc_default” full_width=”stretch_row” bg_type=”image” parallax_style=”vcpb-default” bg_image_new=”id^205|url^https://TheRetirementSolution.com/wp-content/uploads/2017/09/contact.jpg|caption^null|alt^null|title^contact|description^null” bg_image_repeat=”no-repeat” css=”.vc_custom_1508081792029{margin-top: 0px !important;padding-top: 3% !important;padding-bottom: 3% !important;}”][vc_column][vc_row_inner][vc_column_inner width=”2/3″][ultimate_heading main_heading=”SCHEDULE A FREE CONSULTATION” main_heading_color=”#f5f5f5″ alignment=”left” spacer=”line_only” spacer_position=”bottom” line_height=”2″ line_color=”#f3c400″ line_width=”115″ main_heading_margin=”margin-bottom:2%;”][/ultimate_heading][vc_column_text css=”.vc_custom_1509303908720{margin-top: 2% !important;}”]Providing for family, spending time with grandkids, traveling. You shouldn’t be wasting your golden years worrying about electric bills or the balance of your checking account. We’ve helped hundreds of people retire confidently and we can’t wait to do the same for you.[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/3″ css=”.vc_custom_1507537293105{margin-top: 8% !important;}”][ult_buttons btn_title=”CONTACT US” btn_link=”url:%2Fcontact|||” btn_align=”ubtn-center” btn_size=”ubtn-large” btn_title_color=”#1b355e” btn_bg_color=”#f3c400″ btn_hover=”ubtn-top-bg” btn_bg_color_hover=”#1b355e” btn_title_color_hover=”#f3c400″ icon_size=”32″ btn_icon_pos=”ubtn-sep-icon-at-left” btn_font_size=”desktop:18px;”][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row]