When should I start saving for my retirement?
The best time to start saving for retirement is as early as possible. Starting early allows you to contribute smaller amounts each year to reach your retirement goal. On top of that, compounded interest allows you to earn interest not only on your initial investment but also on the interest that accumulates over time.
Should I work with an agent for retirement planning?
Yes. WFG’s independent agents are trained financial professionals with expertise in retirement planning. Your agent can work with you to create a personalized retirement plan tailored to your unique financial situation. Agents can help develop a strategy that aligns with your retirement goals, then provide ongoing support, regularly reviewing your retirement trajectory.
How much should I contribute to my retirement accounts?
The amount you need to save for retirement depends on when you plan to retire and your preferred living standard. Do you plan to travel extensively or downsize your home? You may want to create a list of your expected retirement expenses. Include essential costs such as, housing, healthcare, food, and utilities, as well as estimated expenses for your enjoyment like entertainment and travel. A licensed WFG agent can help you create a comprehensive retirement plan and adjust it as needed over time.
Can I access my retirement savings whenever I want?
If possible, try to leave this money alone to work for you. Withdrawing from retirement accounts before a certain age may trigger withdrawal penalties. Consider alternative sources of funds before tapping into retirement accounts. Even if you’re changing jobs, rolling over into a new employer's plan or leaving the funds where they are is often recommended.