Retirement Planning

Comprehensive Retirement Planning 

Comprehensive Retirement Planning 

While it can be difficult to plan for your retirement, it's important to consider your retirement goals and objectives. A retirement planner can help you estimate how much money you'll need to save, as well as review your current retirement savings plan. If you don't have a retirement plan, there are a few things to think about when creating one. First, determine how much money you'll need to have saved in order to comfortably retire. Next, consider how long you'll need your retirement savings to last. Finally, choose an investment strategy that will help you reach your retirement goals

Retirement Planning

Do you have enough money to retire? Will you run out of money during your retirement? How can you ensure consistent monthly income after you retire? The retirement planning professionals at Compton Financial Group can help you to answer these questions and create a customized plan to help you reach your retirement goals. We’ll help you retire your way, on your timeline, with total confidence in your financial future.

What to consider when planning for retirement

What to consider when planning for retirement

When it comes to saving and investing for retirement, there are a few key things you need to keep in mind.

  • First, you'll want to start saving as early as possible. The earlier you start, the more time your money will have to grow.
  • Second, you'll want to make sure you're contributing enough to your retirement accounts each year. A good rule of thumb is to save at least 10-15% of your income for retirement.
  • Third, you'll want to invest your money wisely. While there's no guaranteed way to make money in the stock market, diversifying your investments will help reduce your risk.
  • Finally, don't forget to factor in inflation when planning for retirement. Over time, the cost of living tends to go up, so you'll need to make sure your retirement savings will be able to keep pace.

Saving and investing for retirement can seem daunting, but if you start early and plan carefully, you can make it a breeze. Just remember to stay disciplined, diversify your investments, and factor in inflation, and you'll be on your way to a bright future.

Types of retirement accounts

When it comes to retirement planning, there are a variety of different retirement accounts that you can choose from. These accounts vary in terms of their tax treatment and the amount of contributions that they allow. Some of the most common retirement accounts include employer-sponsored retirement accounts, such as 401(k) plans or 403(b) plans, as well as tax-deferred retirement accounts, such as IRAs or Roth IRAs.

Whether you are saving for retirement on your own or through an employer-sponsored plan, there are several factors to consider when deciding which retirement account is best for you.

There are several different types of retirement accounts that can offer tax deferral on investment earnings. Here is a brief overview of some of the most common types of accounts:

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  • Traditional IRA: This is an individual retirement account that allows you to contribute pretax income up to a certain limit each year. Your contributions grow tax-deferred and you pay taxes on the account balance when you withdraw funds in retirement.
  • Roth IRA: This is an individual retirement account that allows you to contribute after-tax income up to a certain limit each year. Your contributions grow tax-free and you can withdraw the funds tax-free in retirement, as long as you meet certain conditions.
  • Employer contributed retirement accounts: These are retirement accounts that are offered by your employer, such as a 401(k) or 403(b). These accounts typically offer matching contributions from your employer and tax-deferred growth on investment earnings.

If you are looking for additional retirement savings options beyond these common retirement account types, there are also other retirement accounts such as annuities, HSAs, and IRAs designed specifically for small business owners, self-employed individuals, or high-income earners. Whatever retirement account options you choose, it is important to do your research to ensure that you are getting the most out of your retirement savings. A qualified retirement planner can help you do this.

When to talk to a retirement planner

Some people may choose to consult with a retirement planner early on in their working years, while others might prefer to wait until they are closer to retirement age. Factors that can influence the timing of this conversation include your income, assets, and existing financial plans or investments.

If you are interested in getting professional advice about your retirement planning strategy, there are several ways to find a qualified retirement planner. You can start by asking for recommendations from friends and family members who have worked with reputable planners in the past. Alternatively, you can search for qualified planners in your area online.

When you are ready to start talking to a retirement planner, be sure to ask about their qualifications and experience. You should also inquire about the types of services they offer and how much they typically charge for these services. Once you have found a qualified planner that you feel comfortable working with, you can begin discussing your specific Retirement goals.  When you feel like you are ready, reach out to Compton Financial Group and talk to one of our experienced retirement planners.  We are happy to help. Contact us at 509-567-2122. Click Here to learn about our process. 

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