Wednesday, 30 January 2019

Retire on Track


In the years since World War II, the United States has seen incredible growth in affluence as a nation. But, most Americans are still not investing enough for their retirement. In the world's most affluent society in all of history very, very few individuals ever achieve a position of being able to live off the resources they have accumulated. The vast majority are dependent on the government, relatives, charity, or they must continue to work in order to have enough income to meet their needs. 

This statement has been confirmed by a study conducted by the U.S. Department of Commerce - the devastating reality is 75 percent of Americans rely on Social Security, family, and friends as their only sources of income. Additionally, the Department of Commerce's study found that, sadly, only 5 percent of Americans have saved and invested enough money to be financially independent at age 65. All is not lost. You can change your retirement future. 

Your secure retirement future starts with a solid financial plan. Always keep in mind that the earlier you start planning the better, but it is never too late to start planning for your retirement. Start with the creation of a complete financial plan, which includes: Determination of your ideal asset allocation, Consideration of the impact of management fee has on your portfolio, Management of tax liability, The impact of inflation has on your portfolio, and Calculation of the appropriate withdrawal rate.

Calculation of your appropriate withdrawal rate is extremely important. You need to make sure you follow the government's minimum distribution requirements for retirement accounts. You are the best person to manage your money. 

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