3 Tips for Retirement Planning

Planning for retirement is important for anyone who wants to have a sense of security as they grow older. Part of this planning process involves taking a good, honest look at whatever your current financial situation is like.

At Bachmann-Zeitlin Insurance Agency, we take pride in offering a host of insurance services for all of our clients. Whether you need Philadelphia renters insurance or maybe boat insurance, too, we can help you find a policy that best suits your needs. Finding renters insurance in Philadelphia is easy when you go through our agency. Our team can help you plan for retirement with a few quick tips, as well.

1. Take a look at your investments.
One of the best ways to get started with your retirement plan is by taking a look at your current contributions. See where your money is invested and then think about whether you want to change anything that might have an impact on your future finances.

There are a host of online tools that you can use, such as Bankrate’s retirement calculator or retirement income calculator. Does it look like you’re on track? Have you accumulated enough money to meet your expectations for life down the road?

2. Consider IRAs and Social Security.
It can be confusing to navigate the world of retirement planning, but with just a little bit of insight, you can make good decisions that will pay off in the future. Think about exploring both Roth IRAs as well as traditional IRAs. Are you more interested in tax-deductible contributions or tax-free withdrawals?

Social Security is worth investigating as well, since it has its own set of claiming requirements. As you get closer to retirement, take a look at your Social Security account and see how you might be able to claim a bigger benefit by waiting until your full retirement age. For every year past age 62 that you delay benefits, you gain an increase in your monthly benefits.

3. Consider re-directing funds.
Many people advise against heading toward retirement one-hundred percent invested in the stock market. The market can always change and it’s a good idea to buffer against a bear market. Try to maintain at least two years of savings to cover your expenses.

Another suggestion is to redirect your contributions into more cash-based options. Some of these might include CDs and money market options. Building up your cash supply is a good strategy for any investor who is serious about retirement.

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