What concerns you the most?
Protect My Family and Business?
Financial Strategy For My Future
Am I going to outlive my money?
First relax and consider the following:
• Be mindful of investing – get assistance so you do not lose large sums
• Build an emergency or rainy day fund
• Consider the impact of inflation both before and during retirement
• Forecast a larger Retirement Portfolio than you think is needed
• Implement tax diversification into your Retirement Plan
• Prepare to have a Medicare Supplement
• Reduce Expenses – permanently
• Review options like an annuity
How do Social Security and Medicare Benefits work?
Can I afford to retire?
• Affording retirement is an educated guess. You will need to stretch your savings over an indeterminate amount of time under uncertain personal, environmental and economic circumstances. The best method is to set a target goal.
• A target goal is to obtain 15 to 20 times your annual pay. Social Security will provide only 40% of your income; you need to save the remaining 60% in an IRA, 401(k), annuities or other retirement vehicles.
• Be on track for your goal at your current age. You should have one times your salary at 35, two times your salary at 40, three times your salary at 45, four times your salary at 50, five times your salary at 55, six times your salary at 60, and 7 times your salary at 65.
• Catch up now! If you are behind in reaching your target goal, enlist the help of a trusted financial advisor or firm.
How can women get ready for retirement?
Five steps to begin are:
• Become educated about finances, including any benefits you may have, Social Security, or Medicare.
• Find out your monetary values from various sources of retirement income, IRA or employer-sponsored retirement saving plans, and Social Security.
• Investigate annuities and examine the potential need for long-term care insurance.
• Consult with a financial planner to help you make the right choices on how to invest safely and wisely.
• Take full advantage of employer-sponsored retirement savings plans and matching employer contributions.