One of the hardest things to plan for is how much money will be needed in retirement. This makes saving for retirement more of a guessing. Most people know to put money into a retirement plan, but what they do not realize that in most cases that will not be enough money. It is important to realize that most retirees will need to bring in money from other sources besides their retirement account.
Early retirement or no
Once you figure out the amount of money you will need to live a comfortable life, is an early retirement feasible? That depends on when you plan to take that early retirement. If you are planning to retire at the age of 55, plan on saving about 33 percent of your annual salary.
How to save
Besides the typical savings account and your 401 plan from work, consider getting involved with a stock brokerage. They can asset where you are financially, and provide you with other investment opportunities. Investing in a brokerage gives you more flexibility than with other traditional methods of investing. Also, consider putting money into a health savings account. This will help to offset any medical costs. Make sure to see a finical advisor before making any decisions regarding your retirement.
Giertz spends a lot of his time educating people about the importance of a retirement plan. Giertz believes that there is a lot of misconceptions when it comes to social security benefits. He is also involved in many of his community organizations.