Whether you are close to retirement age, or just starting out in your career, having a strong retirement plan is essential to a financially-stable retirement. Let’s review a few key strategies to get your started.
Invest a Consistent Amount Each Month. With this strategy, you may want to consider automatically contributing to your IRA or other retirement account with every paycheck (up to the maximum annual contribution allowed).
Plan for Retirement Adjustments. It is important that you plan for adjustments to your income after retirement. While some of your retirement income will likely be a fixed amount each month, you will also have some retirement accounts that will pay out varying amounts based on market performance. If possible, try to funnel your monthly retirement costs toward the retirement payments that are not variable. This will allow you some flexibility in good times as well as security and peace of mind when times may get rough.
Control Your Plan. Too many people cede control of their entire retirement plan to someone they don’t know really well, and more importantly, who may not know them. Be an active participant in your investment plan. Ask questions. Go to every seminar or webinar you can find, especially if it is tied to your employment. It’s never a bad idea to remain educated.
As you take the time to get involved in your retirement planning and develop strategies that benefit you and your family, you will start to see a brighter future. If you would like to learn more about the different retirement accounts and options available to you at Gulf Coast Educators, you can click here or call 281-487-9333 to speak to one of our financial advisors.