Prioritize Saving for Retirement Today
Financial experts estimate that you will need about 70% of your current annual income to live comfortably during retirement. For low-income earners, you may need 90% or more of your current income to maintain your standard of living when you stop working. Take charge of your financial future and start saving now so you can relax and enjoy later.
According to the United States Department of Labor, the average American spends 20 years in retirement.
Here are some ways to maximize your saving potential for the future:
- Select a target date for your retirement and calculate how much you think you will need by that date to live comfortably.
- Learn more about your Social Security benefits by reading the statement that you receive around your birthday each year.
- Take advantage of employer-sponsored 401(k) or 403(b) retirement plans and invest at least the maximum amount that your employer matches.
- Don’t touch your long-term savings, which should only be for retirement.
- Seek out the advice of a financial advisor who can help you place your money where it can grow.
- Review your investments and goals at least annually and make modifications to increase your returns.
Remember that financial security doesn’t just happen; it takes planning and commitment. Get practical advice and act now.
At Boyd Insurance & Investments our mission is to provide our clients Protection for Life, with support through life’s unforeseen circumstances involving your home, business, and other assets. Our agents are knowledgeable and will help you to understand how to more effectively save for retirement. Call (941) 745-8300 or click here to receive an online quote!