4 Things You Need to Know About Retirement Planning
What steps can you take to ensure a comfortable, stress-free retirement? While starting to save for retirement early in your career is the first step, there are other factors that will affect the success of your retirement plan. Read on as AOG Wealth Management, your professional investment management advisor, shares some advice.
- Develop a Financial Plan: Your financial plan will be your guide to planning for your retirement. First, you need to focus on the basics. Assume that you’ll need 80% of your current annual income in retirement and then subtract any known retirement income like Social Security or a pension. This is the amount of money you’ll need per year in retirement. As many workers retire in their mid-60s, you should plan on financing 30-40 years of retirement living.
- Stay Out of Debt: High-interest debt tends to cost more than what your investments will regain. Car loans and credit cards are some examples of debt that you need to get rid of before you can start saving for your retirement in earnest. As wealth managers, AOG Wealth Management can help you control your finances and implement best practices for decreasing your debt.
- Take on an Appropriate Amount of Risk: Investing money for your retirement is a long-term process. Because your retirement investments will have many years to recover from market volatility, you need to determine your risk tolerance and choose an investment risk level that is suitable to you and your investment goals. That said, always monitor your assets so you can make sure you’re on track.
- Set Goals: Set goals in increments. With such a long-term investment, it’s difficult to guarantee whether you’ll have exactly the amount of money you want when you retire. By setting goals in five-year increments, you can easily monitor your portfolio’s development and make adjustments as needed along the way.
OG Wealth Management specializes in managing wealth for high-net worth individuals, pension plans and companies by providing customized investment solutions based on our clients’ personal objectives and circumstances. Your personal wealth management advisor will strive to take care of your wealth with accuracy, accountability and integrity.
As a team of experienced professionals under one boutique firm, we can provide a financial plan that’s tailored to your needs. Services in Washington, DC, and Ashburn, VA. Call us at 1-877-600-3573 to learn more about our retirement planning. You can also ask for a complimentary consultation.
The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.