Financial Advice For Retirement Survival

Financial planners strongly suggest that you to start planning for your retirement years as soon as you start your first job.   Even though that sounds a bit drastic, it is very good advice; to survive your retirement years, you will need a lot of money and accumulating a lot of money takes a long time.

Financial planner are also starting to suggest that younger workers ignore social security money when doing their retirement calculations.

Financial planner are skeptical about social security being strong enough for younger workers to rely on.   Since social security is in question, younger workers should not use that money in a 401k calculator when determining how much money they will need to invest for retirement.

Your Retirement, Will It Just Be Survival?

Statistics show that to meet your expenses during retirement you may need as much money as you needed before your retirement years.

On average we are living longer today than prior generations and because of that retirement could be for 20 years or more.  Think about it, the average retirement age ranges from 65 to 67 years old and we are living on average into our mid-80’s…do the math, that’s 20 years or so.

Your Money Accumulation Years

How much money you accumulate during your working years will determine whether you just survive your retirement years or live comfortably and are able to live out your dream retirement.

It’s all up to you.   You get to decide what kind of retirement you will have.   Will you accumulate enough money to maintain your standard of living during your retirement years or will you just survive?   Only you can answer that question, and only you can prepare.

We All Get Accumulation Years

We all get money accumulation years…they are called our working our working years.   Accumulating enough money to last 20 or more years is not a quick task, it could take all of your working years.

The best system you can set for yourself is to take advantage of your working years.  Use your working years to save and invest as much money as you possibly can for your retirement years.

Survive your retirementHow Much Money Is Enough

Every one’s financial needs are different.

You will need to work with a 401k calculator and a retirement calculator to determine how much money you will personally need for your retirement.  Financial planners recommend  an investment portfolio of at least 80% of your current income to survive your retirement years.

The 401k Plan Advantage

Take advantage of your 401k plan.

If your employer offers a 401k match, invest the entire 401k contribution limits.   An employer match means free money for you.  A 401k plan employer match helps you accumulate more money faster.

Your retirement years are in your hands.   Will you plan and prepare for a survival type of retirement or the dream retirement you have waited all your working years for?

If you haven’t started investing yet, it’s never too late.   Talk with a financial planner to get started.   If you are over 50 years old, there are some catch-up 401k contribution limits that you can take advantage of.   Reach out to a financial planner, they want to help you prepare for a successful retirement.