How Much Do I Need to Save For Retirement?
One of the questions we are frequently asked at North Main Financial Group is, how much do I need to save for retirement? Unfortunately, there isn’t a one-size-fits-all answer. Each person is different. When trying to determine how much you should save for retirement you need to take into account things like, career path; current savings and investments; if you have children; lifestyle; the list goes on and can be quite lengthy. Even if a person is in the same demographic as you, their answer will be different based on a whole host of variables.
It’s important to approach this topic from an individual standpoint. While you are pondering your own situation, here are a few key items to remember:
Get a plan.
Hope is not a strategy. You don’t want to start saving and moving towards an indeterminate goal because you think it’s the right thing to do because who knows where that road will lead you. Get a plan together and if you need it, reach out for some advice. Look to someone you trust like a financial planner or tax advisor to help you build a plan that meets your specific goals and needs. Build a plan based on what you want your retirement to look like.
Make sure your plan is workable within your means.
One of the things we advocate to our clients here at North Main Financial is to have financial flexibility. The markets don’t always go up, nor do they always go down but rather, they look like waves in the ocean. There will be times when we are at the peak and times when we are at the trough. The question you need to ask yourself, is your plan flexible enough to move through both of those spaces well.
Make sure your plan, relative to life events, is flexible enough to address them.
That doesn’t mean there aren’t reasons to make changes. Big life changes happen like the death of a family member, divorce, adding a new family member, or maybe a promotion at work. There are both positive and negative things in our lives so make sure you plan is flexible enough to roll with those changes.
If you have questions about your financial goals or would like to talk with us further about our services, give us a call at (704) 987-1425 or visit us at www.northmainfinancial.com. If you wish to schedule an introductory meeting, we would be happy to meet with you at no cost or obligation to you.
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These Blogs are provided for informational purposes only and should not be construed as investment advice. Any opinions or forecasts contained herein reflect the subjective judgments and assumptions of the authors only and do not necessarily reflect the views of SagePoint Financial.