Smart retirement strategies for the long run. Starting with the short run.
How much will you really need?
Retirement is personal. So the conventional wisdom of needing to maintain 70-80% of your salary may or may not apply to you. In doing your own math, it’s important to consider how expenses like a mortgage, travel, or helping a grandchild pay for college will affect how much income is right for you.
Get familiar with the numbers.
With expenses big and small in mind, you can begin to wrap your head around how much income you’ll need to generate, how much money you’ll need to put away, and how you can best invest what you already have.
Plan for additional expenses.
On top of predictable expenses, like mortgage payments, you may also need money for unexpected expenses like health care. Even though you’re decades from retirement, now is a good time to start considering different scenarios.
Know your starting place.
Once you’ve estimated how much you think you’ll need for retirement, you can see how far you’ve already come. Begin by taking a look at the assets you have, like a 401(k) or IRA. We can help analyze them to ensure you are on the right track.
Build your savings.
Together, we’ll consider different strategies for growing your savings. From investments to annuities, you have many options to achieve your personal goals. And no matter which you choose, starting now is important—you’ll compound your returns faster than saving more later.
Turn savings into income.
You could take money out of a mutual fund and invest it into a guaranteed lifetime income annuity. Or you could turn a variable annuity into a guaranteed future income annuity. Options abound. Let’s determine yours.
Learn more about mutual funds.
Learn more about annuities.
Ready to plan your retirement? A Registered Representative near you can help.
Want to know how much retirement income your 401(k) can provide?
Talk it through with an expert.
We're here to help.