Can you afford to retire?
When one chooses to permanently leave the workforce behind, make sure that you have enough money for your needs at retirement age. How much you need to save for retirement depends in part, on your lifestyle to live comfortably and how long you expect to live. Proper assessment in your retirement income is necessary specially if you are getting closer to retirement. Several adjustments regarding your finance must be made. Manage your debt by aggressively wiping out all your balances in your credit cards, loans, and other liabilities. You should also consider making the maximum contribution in your 401(k) and IRA accounts. IRS set a limit on how much you can put in your retirement accounts. In 2021, the standard annual contribution limit is $19,500 for 401(k) plans. In addition to maximizing your annual contribution for your retirement accounts, consider the catch-up contributions allowed by IRS. Check IRS how much you can put in on top of your standard contribution limits. In 2021, IRS allows catch up contribution of $6500 for individual 401(k) accounts and $1000 for IRA accounts. Another thing you must consider of doing is to assess your risk profile base on your age. The closer your age at retirement the lesser the risk you can take. Get in touch with any of our friendly and skilled professional agents for the solution of this matter.
Three Major Risks of Our Retirement
Achieving our retirement goals are quite challenging. Within a blink of an eye, our dreams could be wipe out by several risks factors.
Most Popular Question for Retirement
How much do I need to save for retirement to be able to afford my current lifestyle?
Top 8 Mistakes For Your Retirement
Keep on track. Reach your Retirement goal.
Checklist for an Excellent Retirement Program:
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