As the saying goes, “Youth is wasted on the young.” More often than not, so does money if you do not plan your retirement right. Nearly half of all Americans say they are worried that they will run out of money in retirement. Unfortunately, most still fail to calculate how much they need to save for their retirement.
Financial security in retirement does not just happen. You have to prepare for it and work at it. This takes a lot of saving, planning, and commitment. It is also helpful to have someone experienced helping you plan for your retirement and keeping you on track.
Here are some tips from the experienced Great Falls wealth management firm AOG Wealth Management to set you on the right track to financial stability for the rest of your life:
Most people ask when the right time to start saving money. Some even make the excuse that either they are too young or too old to start saving for retirement. The truth is, the perfect time to save is now. Regardless of your age or tax bracket, it is never too early or too late to start.
Having good saving habits does not mean you have to be thrifty all the time. If you have a better handle on what you spend, you can splurge a little on a vacation or a nice dinner once in a while. Coming up with an effective spending strategy is going to help in managing your finances. This allows you to plan how you are going to maintain a comfortable standard of living when you stop working. Take note that once you retire, you have different priorities. You will spend less on luxuries and might focus more on health care. Keep in mind that the 4% rule that most retirees follow may not work for you. Spending that much of your savings annually may not be advisable given today’s low interest rate environment.
You can also consider investing your money. Try to set aside some money for low-risk investments and some for riskier choices. Consult AOG Wealth Management on how you can make the proper investments that are suitable to your retirement goals.
For expert retirement planning and financial planning in Washington, DC and Northern Virginia, you can rely on AOG Wealth Management. We provide wealth management services in a boutique setting, including setting up effective, clear-cut retirement plans and strategies to meet the unique retirement goals of all our clients.
Know more about how we can help set up your retirement funds by giving us a call at 1-877-600-3573.