Hyden, Miron & Foster, PLLC Law Blog

Thursday, December 21, 2017

How to Ensure You’re Prepared Financially for Retirement

How much money will I need to save for retirement?

Retirement should be a time of relaxation and enjoyment, but financial stresses can destroy the tranquility of your retirement.  According to a recent poll of CPA financial planners, the top concern among people planning for retirement is running out of money.  Take the stress out of your retirement by starting to make your financial retirement plan today.

Retirement Costs

As Americans continue to live longer and healthcare costs rise, retirement has become more expensive than in the past.  The most recent data from the U.S. Bureau of Labor Statistics reveals that retirees spent about $3,700 a month in 2014, which equates to about $45,000 each year.  If you retire at 65 years of age, you could reasonably expect to need an income of $45,000 annually for several decades to come.  Even for high earners, this can be a daunting task.

Create Your Retirement Plan Today

To ensure you can meet the financial demands of retirement, you will need a clear retirement plan.  Your retirement plan will be unique, as your finances and needs are distinctly yours.  There are several ways in which you can start to save and plan for retirement.  No matter how young you are, you should start investing in a tax advantage retirement savings account today.  Often, your employer will match or contribute to these funds, which can help you to save immensely.

Consider setting aside money monthly, even if it is just into a savings account.  Small sums saved on a regular basis over time will add up, especially if you start young.  If you’re getting a late start to retirement planning, know that it is certainly not too late to take advantage of retirement accounts.  You can take advantage of catch up contributions to IRAs or 401(k)s if you are over the age of 50.

For those that are able, consider delaying Social Security until you get closer to retirement.  For every year you delay after the age of 70, you will increase the amount of money you will receive in the future.  Pushing back your retirement by as little as a year could be the key to a comfortable retirement.  Contact a retirement planning lawyer today for more information on current tax regulations that may impact your retirement savings and get started with your retirement plan as soon as possible.  

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