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Retirement Planning

What Is Retirement Planning? 

Retirement planning is the process of deciding retirement income goals and the actions you need to take to pursue those objectives. Planning for retirement is considered a life-long process and includes identifying income sources, calculating expenses, choose a savings plan, and managing assets and investments. Many people participate in a workplace-sponsored retirement plan, while others save on their own. 

Steps for Successful Retirement Planning

The sooner you begin planning for retirement, the more comfortable your life will be after you stop working. 

  • Step 1: Decide when to start planning for retirement. If you start saving in your 20s, your money has more time to grow. However, it is never too late to take retirement seriously. Every dollar you save now will help you later.  

  • Step 2: Decide how much you need to retire. Figuring out your current income and examining your expenses can give you an idea of how much you need in retirement. Financial advisors typically recommend replacing 70% of your yearly pre-retirement income through investments and Social Security.  

  • Step 3: Select the right savings plan for your goals. Choose whether a 401(k), Roth IRA, or a traditional IRA is the right choice for your situation. 

Work With an Experienced Financial Advisor 

Retirement planning is a complex process, and it can be overwhelming to make significant money decisions alone. Working with an experienced financial advisor can demystify the process and help you make intelligent decisions. Contact Benchmark Financial today to start preparing for your future.

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