Financial security doesn’t just happen after retirement. It takes time, effort, planning, commitment, and yes – money. Here at Annuity Genius, we understand this. With a specialty in annuities, from variable annuities to fixed annuities, we pride ourselves on being able to consistently identify the most competitive consumer based products in the industry. Consumer based means; they are the best products for you and not necessarily for us as the agent. However, there’s more to planning retirement than just picking an annuity. We’ve got some tips for you on how to prepare for your retirement.
- Start saving, keep saving, and stick to your goals! If you are already saving, whether for retirement or another goal, keep going! You know that saving is a rewarding habit. If you’re not saving, it’s time to get started. Start small if you have to and try to increase the amount you save each month.
- Know your retirement needs! Retirement is expensive. Experts estimate that you will need at least 70 percent of your preretirement income – lower earners, 90 percent or more – to maintain your standard of living when you stop working.
- Consider basic investment principles! How you save can be as important as how much you save. Inflation and the type of investments you make play important roles in how much you’ll have saved at retirement. Know how your savings or pension plan is invested. Learn about your plan’s investment options and ask questions. Put your savings in different types of investments. By diversifying this way, you are more likely to reduce risk and improve return.