Target age: 20-45 years for a retirement goal of 65 years of age.
Tips for success:
Pay “future you” first! Save 10-15% of your annual salary toward retirement. This annual savings can build a robust retirement nest egg over 3-4 decades.
- Set goals for your retirement. What would you like to do, where do you want to be, what are the projected costs? Work with an adviser to develop a Written Financial Plan as a guide for planning a successful retirement.
- Maximize contributions of “tax advantaged” savings programs such as 401Ks, IRAs and 403Bs. Fund your 401K/IRA/403B or alternate retirement plan (including any match) by at least 10% every year.
- Using time as an advantage, this is when you can take on more risk to achieve higher returns.
- A good rule of thumb when planning for retirement income needs is that $15 of assets can purchase $1 of retirement income per year for life.
- This is a good time to obtain Term Life Insurance. Needs will vary so please discuss an appropriate level with an Investment Executive.
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