Retirement Planning 101 | Advisor World

ADVISOR WORLD

PRESENTED BY ADVISOR WORLD

Retirement Planning 101

Table of Contents Contents One

01

A Guide to Saving for the Future : Retirement Planning 101

About If you want to downshift and have a typical retirement rather than working until you die, you must take action right now. Here's how to get started or get back on track with retirement planning.

www.advisorworld.com

Start Saving Early Whether you’re starting a job fresh out of college or you’ve been in the workforce a few years, see what retirement plans your employer offers. Look for options like a: Sign up for your retirement plan as soon as you’re able to. The sooner you start taking advantage of this benefit, the more you’ll start to save.

Find the Right Retirement Account Your job might offer one or a few different retirement accounts or might not offer one at all. If your employer doesn’t offer a work-sponsored retirement account, open an individual retirement account (IRA) These are a good option, whether your job offers a retirement plan or not, but are the best solution if you don’t have any other vehicle for retirement savings.

Know Your Retirement Goal Your expenses during retirement might not be the same as they are when you’re working. But that doesn’t mean you won’t have any expenses.

You’ll probably need somewhere between 70% to 90% of your current income to cover yourself in retirement.

Don’t Forget About Social Security Social Security is a monthly payout that essentially gives you a paycheck based on your pre-retirement earnings. The average Social Security benefit is $1,503 per month.6 If this is enough for you to live off of, you may consider not saving as much for retirement. However, that’s the current payout. It could be much lower by the time you enter retirement.

Check in on Your Savings Every Year While retirement plans are pretty low-maintenance, they still need your attention. Check-in on them at least once a year. Are you maxing out your contributions?

Does your employer match your contributions as well?

Make Your Retirement a Priority With so many aspects of your life demanding your money, it’s easy to push retirement further down the list.

After all, if you’re not close to retirement in terms of age, it’s probably not top of mind.

Advisor World

Address: Carlaw Ave Toronto Ontario M4M 2T4 Canada Phone no: 800-461-4085 Website: www.advisorworld.com

Thank You