Dechtman Wealth Management | August 31, 2020
Retirement may seem years away but it has a way of creeping up on you, so it’s never too soon to start planning. Dechtman Wealth Management has compiled helpful retirement advice to make the most of your savings efforts. Discover ways to start saving and create a plan that helps you purse a comfortable, fulfilling retirement.
To figure out how much money you need for retirement, you should set a budget to cover your wants and needs. Break your budget down into the following categories:
Food, housing, etc.
Streaming services, phone bills, membership plans
Auto insurance, home warranties, etc.
Covers what Medicare doesn’t
Travel, hobbies, activities, gifting
Add all these numbers up, decide if there is anything you can cut down, and figure out how much money you need monthly. From there, an advisor at Dechtman Wealth Management can help you create a retirement income plan that helps meet your goals and prepares you for life’s eventual curveballs.
Many companies offer retirement plans such as a 401(k) or a 403(b). These accounts allow you to contribute a portion of your salary every pay period to help you continually save for retirement. The best part? The company match! Your company may match a certain percentage of what you put in. If you aren’t investing in these accounts, you’re missing out on free money that your employer matches.
When you get to retirement, it’s a financial nightmare if you must burn hard-earned money to pay down debt. Additionally, many people who have debt feel they need to keep working to pay it off instead of enjoying the freedoms of retirement. Make a plan to pay off existing debts before retirement — preferably as soon as possible — so you can retire without any such financial concerns.
Pulling money early from an IRA, 401(k) or another retirement account is an expensive process…if done incorrectly. You’re allowed to make withdrawals penalty-free at age 59 ½ , but if you take a distribution before 59 ½ you’ll end up paying taxes on the distribution and having to pay a 10% penalty. It’s best to talk with a financial advisor before you withdraw money from your retirement accounts. Don’t make the mistake so many others have done!
It can be stressful and time-consuming to make financial planning decisions and manage your retirement savings. Dechtman Wealth Management’s Financial planners can help you determine your retirement budget, diversify your portfolio, and create a roadmap to help you achieve your retirement goals. If you saved up your retirement nest egg and need help pursuing your retirement, the financial professionals at Dechtman Wealth Management in Denver, Colorado, can guide you through a personalized process.
Dechtman Wealth Management is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC (member FINRA and SIPC). Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC.
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