It’s all too easy to talk yourself out of retirement planning. Maybe you think you’re too young. Maybe you think it’s too complicated. Or maybe you assume you can handle all your retirement planning down the road.
Here’s the reality: You’re never too young to start planning your financial future. In fact, the earlier you start, the better off you’ll be. And while there are certain aspects of retirement planning that are a little daunting, there are also a lot of simple steps you can take to lay the foundation for a sound, secure retirement.
Here are just a few examples.
Simple Steps Toward a Better Retirement
- Think about the kind of retirement lifestyle you’d like to have. Nobody can predict the future, but you can set some basic goals. Do you want to do a lot of travel? Play golf every day? Live in an extravagant home? Imagine your ideal retirement lifestyle, then use an online retirement calculator to figure out roughly what kind of savings you’ll need.
- Consider healthcare needs. When you’re young, that’s when you really need to start thinking about long-term healthcare expenses. Do you have life insurance? What about long-term care insurance or disability insurance? These can often be smart components in a retirement plan.
- Make sure you have an estate plan. Estate planning and retirement planning go hand in hand; ultimately, they’re both about preparing for the future. To be blunt, you never know what’s going to happen tomorrow so make sure you have a will in place. A trust may also be helpful for keeping your estate out of probate court.
- Think about the causes that mean a lot to you. Would you like to set aside part of your estate to a charity or non-profit? Or to make donations of your time and resources while you’re retired? Talk to your financial planner now about charitable gifting options. And speaking of financial planners…
- Find someone who can help you develop a retirement plan. Again, this isn’t something to put off; put a plan in place now to ensure you’re setting the right goals and hitting the right benchmarks. Look for a financial planner who will listen to your needs and tailor a plan that’s just right for you and your family.
With these tips, you can give yourself a little peace of mind about the uncertain future—and start working toward a robust, effective long-term plan.
Reach Out to Stonepath Wealth Management Today
At Stonepath Wealth Management, we’d love to get to know you, hear about your needs and goals, and show you some of the investment solutions that will help you achieve those goals. Reach out to us any time to schedule a chat with one of our financial planners.