Most American retirees don’t do enough to save for their golden years. According to the Federal Reserve, almost two-thirds of Americans who are not yet retired are anxious about their ability to reach their retirement savings objectives.
However, for those who aren’t confident in their ability to save enough for retirement or are planning retirement, this will help them get back on track. Also, if you’ve already started saving for retirement, we’ll show you how to make the most of the available options.
Retirement Saving Plan
Many retirement options are available to self-employed or non-traditional workers, including freelancers and temp workers. Surveyed unconventional employees to sit and enjoy the dividend of their respected years in service. Consider the following saving retirement plans:
Set up recurring payments that you can automate.
Set up a monthly deposit schedule for your retirement savings through a 401(k) or an Individual Retirement Account (IRA). A 401(k) at work means that you’ve already got your finances. If you’re using an IRA to make investments, ensure sure your annual contribution restrictions aren’t being exceeded.
It saves you from acquiring investments every month or week and keeps you from spending money that you would instead put in the savings account:
401(k): It is ideal for those who work for themselves or operate their businesses without staff. Donating $61,000 in 2022 or 100% of your earned income is possible, whichever is lower.
IRA Account: Only for self-employed workers or small-business owners. In 2022, you can contribute up to 25% of your compensation or net self-employment earnings, up to a maximum of $61,000.
Investment
One speed hump to saving for retirement is not feeling ready to select your investments. The thought of investment might be scary because we may feel pressure to cherry-pick the appropriate equities, bonds, and mutual funds.
Investment is another best approach for another brighter future. Investing funds may be scary, so you must do a background check before putting your hard-earned money.
Establish your retirement savings target.
A down payment on a new automobile or a house isn’t as challenging to calculate as you might think. In other words, saving for retirement is a considerably more difficult personal financial goal.
Do you need to plan how much money you will need to take a vacation and a significant amount for domestic bills? The retirement saving target will be more when you stop working for good.
Regularly boost your savings rate for retirement.
It’s okay if you can’t save 15% of your salary for retirement right away. Take advantage of the critical impact that time plays in your success by starting small.
Keep a cash reserve.
Don’t waste your money when you get a raise. Instead, it would be best if you raised your proportion of contributions. At least half of your new money should be earmarked for your retirement fund.
Spend less on new luxury bags or vacations and more on your long-term financial goals.
The first step is to recognize that you need to save for retirement. Once you know how much you want to save and how you can boost your savings for a fulfilled life.
Contact Information:
Email: [email protected]
Phone: 9187441333
Bio:
Mark, a lifelong Tulsan graduated from Westminster College, Fulton, Missouri with a Bachelor of Arts in Accounting. Mark served in the United States Army as a Captain in the 486th Civil Affairs BN. Broken Arrow, Oklahoma and retired in 1996. Mark is married to his high school sweetheart Jenny and has four beautiful children. Mark’s passion for his work, which includes over 20 years in the Financial Industry started as an Oklahoma State Bank Examiner. Mark examined banks throughout Oklahoma gaining a vast knowledge and experience on bank investments, small business and family investments. Mark’s experiences include being formally trained by UBS Wealth Management, a global investment firm where he served as a Financial Consultant specializing in Wealth Management for individuals & families. Mark is a licensed Series 24 and 28 General Securities Principal and an Introducing Broker Dealer Financial Operations Principal. Additionally, Mark is a Series 7 and 66 stockbroker and Investment Advisor focusing on market driven investments for individuals, businesses and their families. Mark specializes in providing financial knowledge, ideas, and solutions for federal employees, individuals, families and businesses. We serve as your advocate, and assist you in the design and implementation of financial strategies while providing the ideas to maximize your security and wealth. Our goal is to give you maximum control of your financial future. We provide the expertise to help you with personal issues such as: practical tax Ideas, risk management, investment solutions, and estate preservation. Additionally, we’ve counseled hundreds of employees on their transitions from careers in federal government, and private industry to their next life stage, whether that is retirement or a second career. We specialize in devising strategies that roll your TSP, 401(k), pension plan, to a suitable IRA to meet your objectives.
Disclosure:
Securities offered through GRF Capital Investors, Inc., 6506 South Lewis Avenue, Suite 160 Tulsa, OK 74136 Phone: 918-744-1333 Fax: 918-744-1564 Securities cleared through RBC Capital Markets, LLC. 60 South 6th St., Minneapolis, MN 55402Member FINRA www.finra.org / SIPC www.sipc.orgBroker Check http://brokercheck.finra.org/
