How Much Do You Need to Retire?May 27, 2020
Planning for your future is necessary to ensure you’re able to live the retirement lifestyle of your dreams. Whether it be staying in your long-term home or making the move to a continuing care retirement community, you’re probably aware that you’ll need to save money leading up to your retirement. How much you’ll need for your retirement years entirely depends on the lifestyle you envision for yourself, and it varies from person to person.
While it would be best to speak to your financial advisor when it comes to figuring out exactly how much you’ll need, there are things you can do now to save as much as you can. We’ve pulled together a list of a few tips and tricks of things you can do now to help get the most out of your retirement funds.
Tips and Ways to Save Money for Retirement
Set a Goal. Like we said above, there are a lot of factors to consider when it comes to how much money you’ll need for your retirement, and it may be best to speak to a financial advisor to figure out exactly how much you need to retire. You’ll get a better idea of a goal once you look into your current expenses and what your expenses could be in the future.
Automate Your Savings. While this is something that is small, it could have a large impact on your savings. Automating monthly deposits into your savings account allows you to save money without even thinking about it.
Contribute to Your 401(k). If your employer offers a traditional 401(k) plan and you qualify, you’re able to contribute to a retirement savings fund with pre-taxed money.
Meet Your Employer’s Match. Your employer’s matched contribution to your 401(k) is essentially “free money” for you to add to your retirement savings. Contribute at least enough to take full advantage of the match that your employer offers.
Consider Delaying Social Security. Your monthly benefit can increase for every year you delay receiving a Social Security payment. Pushing your retirement back even one year can help you in the long run.
Start Today. Start saving for your retirement as soon as you possibly can. Even if it’s a small amount, these savings and investments will compound interest and grow in the coming years. The more you can invest now, the better off you’ll be down the road.
Discover Your Options at Winchester Gardens
At Winchester Gardens, our sales counselors are available to assist you in researching and evaluating your options. We can help you make sure you choose a plan that suits your budget and goals. The best way to begin the process is to schedule a personal consultation. We’ll discuss your goals, preferences, budget and anything else you’d like to talk about.
To learn more about financing your retirement, feel free to download our FREE guide, Protect Your Financial Future: Financing Your Retirement at Springpoint. Or contact us today to talk to a sales counselor and discover how affordable vibrant senior living can be.