At one point or another you have probably asked yourself, “How do I start planning for retirement?” And if you haven’t yet asked yourself that question, it’s probably not too late to start. To help you get on track with your retirement planning, we’ve come up with a “cheat sheet” you can look to in order to inspire you to start setting up for your future in the best possible way.
What’s your ideal retirement scenario?
How do you want to retire and where? Will you purchase a new home in retirement? What kind of a lifestyle do you foresee for yourself in retirement? Will you travel or spend most of your time relaxing? How much will you feel comfortable spending in retirement?
Find a trustworthy advisor
When it comes to your future, you want the best possible advice. That’s why we recommend that you seek a fiduciary wealth manager, like the advisory team at LexION Capital. Unlike brokers, a fiduciary wealth manager will be on your side and will give you the best advice when it comes to planning for, saving and investing in your retirement.
Plan, plan and plan some more!
The next step in planning for your retirement is by taking actionable steps. To do this, ask yourself, what is your retirement goal? If you can calculate what your projected Social Security and pensions will be at the age you want to retire, you can figure out how much more money you would ideally need to save in order to retire comfortably.
Reduce your debt
It’s as important to save for retirement as it is to reduce as much of your debt as possible in order to decrease your expenses during your retirement.
Monitor your investments
At LexION Capital, we try to provide a checkup for clients at least once a year to ensure that they are on the right track to reaching whatever goals they have set for themselves. This also goes for retirement. Having a trustworthy advisor will help you build a solid retirement plan and will keep you on track to reach your goals by helping you to monitor your savings, spending and investments.
