There is no better time than the
present to begin planning and saving for retirement. In order to be able to
retire without a worry, you will need a source of income that will cover your
expenses such as rent, medical expenses, transportation and general living
expenses when you are no longer employed. To reach your full retirement savings
potential, follow these steps:
1.
Review your retirement savings options. If you
do not have a retirement plan or savings account, open one as soon as possible.
Think ahead to the future and the kind of lifestyle you want to have, and
calculate your monthly expenses, plus general living expenses that you will
need to fulfill that lifestyle. Have a goal in mind of how much you want to
have set aside by retirement age.
2.
Maximize contributions to your retirement plan.
If your employer offers a retirement plan, join the plan and contribute as much
as you are able to. Many employer-sponsored retirement plans (Simple IRAs,
401ks) provide that your employer will match the amount that you contribute
monthly (up to a certain amount). If your employer offers 5% matched
contributions, maximize the saving potential and contribute at least 5%
monthly.
3.
Once you have a savings and/or retirement account
set up, review your retirement plan regularly to be sure that you are taking
full advantage of all of your options and contributing enough to your accounts.
What you save now will fund your lifestyle later, so reviewing the amount you
have saved will keep you aware of how close or far away you are from your
retirement goals.
For more information on how to
plan save for retirement, visit these links below:
518 Arbor Hill Rd.
Kernersville, NC 27284
Ph: 336-996-3338
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment).
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