Hyden, Miron & Foster, PLLC Law Blog

Monday, November 5, 2018

Start Planning for Your Retirement Today

How much money will I need to set aside to retire?

A recent study by Northwestern Mutual suggests that few Americans feel prepared for retirement.  Northwestern Mutual’s 2018 Planning & Progress Study reveals that an alarming 21 percent of those surveyed have no savings for retirement, while an additional ten percent have just $5,000 saved for the future.  Over 78 percent of Americans state that they are extremely or at least somewhat concerned about not having sufficient funds for retirement.  Our Arkansas retirement plan attorneys want you to be ready for retirement when the time comes.  We explore some vital steps you should take to plan for your retirement below.

What Will Your Retirement Look Like?

One of the first steps of preparing for your retirement involves envisioning what you want out of retirement.  The possibilities are nearly endless when it comes to retirement. Ask yourself and your spouse or another trusted loved ones where you want to live when you retire.  Do you want to travel? Would you rather remain in the family home? Do you see yourself needing assistance or living independently? Take the time now to envision your future so that you can take steps to achieve it.

Where Are You Today?

Once you have a firm grasp on what you want out of your retirement, it is time to take a hard look at your current situation. Closely examine how much you have saved for retirement thus far and what other steps you have taken to set yourself up to retire, such as purchasing a home.  Weigh your current debt load and consider how you might be able to pay these debts off in the coming years.  Consider your investment strategy as you age, perhaps shifting to less risky investments as you get closer to retirement.

What Will Your Retirement Cost?

As a general rule, you will need to have a revenue source in retirement that produces somewhere between 60 and 80 percent of your pre-retirement income.  With this in mind, evaluate your potential retirement income streams.  How much will you receive in Social Security? What do your investments bring in?  A qualified financial planner can sit down with you and review your objectives and financial needs for retirement, while a retirement planning attorney can work with you using their knowledge as to the ever changing tax laws to create the best possible retirement plan for you.  

 


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