Are you one of the 36 percent of American adults with less than $1000 in savings? That number has continued to rise in recent years and even more startling, more than half aren’t looking for a way to improve that number.
For the other 64 percent, only half have more than $25,000 socked away for retirement. According to the non-profit Employee Benefit Research Institute, many are simply struggling with the cost of living as a whole. The day to day expenses are considerable, which makes planning for the future quite challenging.
Still, many are hopeful. A full 18% say they’re confident they’ll figure it out in time. In 2008, at the beginning of the recession, that number was at 13%.
So what happens if you’re not quite sure how to get the retirement ball rolling? Many of our clients began with the same goal: to cover the bases and ensure that it’s enough. While it can be challenging (not to mention overwhelming) the closer you get to actually retiring, it’s not impossible.
This week we take a look at a few of the ways you can make the most of your assets so that they’re working for you after retirement:
Consider your insurance policies, any property you might own, businesses and other personal assets. One of our experienced Vermont estate planning lawyers can help you navigate through those assets to ensure they’re providing a maximum benefit for your future retirement plans.
Have any idea what you might need after retirement? That’s an important number as it serves as the foundation for what will build your savings for maximum advantages when you’re ready to retire. If you’ve already retired, you might want to consider Medicaid planning so that you can best cover your future.
Even if you put off retirement planning until your thirties or even forties, it’s still manageable. It might require a bit more discipline, but when you consider the benefits that come with it, it’s much easier to make those concessions.
What are your goals? Consider your spouse, children and other loved ones you’ll want to provide for after your death. Remember that we’re living longer – and healthier. This means we’re better able to travel and enjoy our retirement. This plays a big role in how you move forward with retirement planning. Try to imagine how much you are going to need to have saved up to last you 20 to 30 years during retirement. The only way you can figure that out is do some retirement calculations. We can help you figure this out.
Finally, be sure to contact us to discuss all of your retirement options. From maximizing tax reductions to establishing the necessary documents for any trusts you might wish to establish and investments that might benefit you and help you meet your goals, we’re here to help. We help clients meet their goals every day and we welcome the opportunity to provide any guidance you might need.