The best financial advice is to start saving for retirement…now! Starting early of course is best. But even if you start later in life, the most important thing is to start saving now. Many successful professionals echo this sentiment.
Plan Now, Relax Later
It is understandable to put off saving money because your retirement may seem far away. Nonetheless, preparing as early as possible for your retirement can make a huge difference when that day arrives. Consistently placing just a small percentage of your income away in a 401(k) when you are young could result in having hundreds of thousands of additional dollars in retirement savings.
Another aspect of retirement planning and how much to save is based on your retirement goals. What do you want your retirement years to be like? Would you like to retire early or travel around the world? Are you planning to buy a big house in the rural area? In the city? Close to your kids and grandkids? Perhaps the most important question is, can you afford any of these scenarios when you retire? Visualizing your goal will help you create your plan for saving for your retirement.
Saving: The Problem Most Millennials Face Now
Preparing for the future, however, is definitely not an easy task, especially for Millennials. The current generation has to budget their current salaries for their housing expenses, food, clothes, mobile phones, Internet, entertainment, etc. Most need to pay off their student debts.
AOG Wealth Management, one of the top wealth management firms serving the Metro DC area, notes that the first step is to secure a good-paying job that also offers excellent benefits, including a retirement plan. This can help you jumpstart your retirement savings.
Another helpful tip on preparing for your retirement is to invest. You may also have the opportunity to invest with pre-tax dollars which means more of your income can go towards investing.
If you need help managing your finances and establishing your retirement plan, AOG Wealth Management is the company that can handle your wealth management plans in DC. We provide customized investment solutions based on your personal goals, circumstances, and objectives. As we come up with tax-efficient strategies, you can set aside more money for retirement.
Get to know more about our company and our financial management services in Ashburn, Vienna, Great Falls, Reston, Georgetown, and Washington, DC by browsing through our site or contacting us.
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.