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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 the best ways to start saving and create a plan that helps you achieve a comfortable, fulfilling retirement. 

Determine a Retirement Budget & Create a Retirement Income Plan

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

retirement essentials

Food, housing, etc.

retirement non-essentials

Streaming services, phone bills, membership plans

retirement required expenses
Required Expenses

Auto insurance, home warranties, etc.

retirement health care
Health Care

Covers what Medicare doesn’t

retirement fun money
Fun Money

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.

Take Advantage of Work Offers 

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. 

Lower Your Debt 

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. 

Remember Age 59 ½ 

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! 

Meet With a Financial Adviser

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, invest in world-class fund managers, 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 maximizing your retirement, the financial professionals at Dechtman Wealth Management in Denver, Colorado, can guide you through a personalized process to reap benefits when you need them most.

Important Disclosure Information

Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Dechtman Wealth Management, LLC [“DWM”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from DWM. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. DWM is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the DWM’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at

Please Note: DWM does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to DWM’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

Please Remember: If you are a DWM client, please contact DWM, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services.  Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently.

Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.

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