Is My Retirement Plan on Track?

Planning for the future takes time, effort, and work. If you’re looking to save up for retirement, you need to start thinking about what you can do now so that later on, you can enjoy life comfortably and with less stress. But how can you know if you’re on the right track? When it comes to retirement planning, a wealth advisor is here to share a few things that can help you better prepare for future success.

When Should I Start Planning for Retirement?

The truth is that it’s never too early to start planning for retirement. No matter what stage you are in with regard to your career, you can begin saving, investing, and inquiring about your risk so that you think ahead to the future instead of focusing solely on the present.

The best place to start this process is by meeting with a wealth advisor. By meeting with a professional who can discuss future income flow, investment possibilities, potential risks, and lifestyle expectations, you can obtain a better understanding of what you need to do now to help ensure you don’t have to continue clocking in once you reach retirement age.

How Can I Know if My Retirement Plan Is On Track?

Throughout the retirement planning process, you may begin to wonder if you’re still on track. One clear objective you should maintain is to establish a financial plan. What is it that you need and want to do to help ensure you have enough once you retire? You can accomplish this by thinking ahead and making decisions accordingly.

Questions you might ask may include:

• How much should I have saved by the time I reach the age of 40?
• Where can I cut back on my expenses now so that I can retire at the age of 67?
• How much should I plan to allot when thinking about paying for my child’s college tuition?
• Do I want to spend my retirement vacationing and traveling or living more simply in a smaller home?

Working with a wealth advisor to answer these kinds of questions can help you determine how best to move forward when it comes to budgeting and investing. Do you want to make sure you have enough saved up for charitable contributions? Maybe you want to purchase a vacation home you can enjoy during retirement. These are all things you should consider and factor in when preparing your financial plan.

A trusted professional can help make this process easier and less daunting. Their ability to clearly explain the process of establishing a plan can minimize the stress many individuals put on themselves to figure it out on their own.

About the Author
Taylor Steele, CFP®, CLU®, AIF®, EA* is a Wealth Manager and Managing Partner at Cadent Capital. Taylor obtained both his Certified Financial Planner™ certification and Chartered Life Underwriter (CLU®) marks. He is also an Accredited Investment Fiduciary (AIF®) and Enrolled Agent*. As one of the two second-generation owners, he is part of a team devoted to helping clients build better futures by making better decisions. If you’re ready to let us help you better prepare for the future, call us at (972) 777-4991 or visit our website.

Opinions expressed in the are those of the author and are not necessarily those of Raymond James Financial Services, Inc., or of Raymond James. All opinions are as of this date and are subject to change without notice. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.