Tips for a Comfortable Retirement
The dream of retirement usually includes free time to do the things you enjoy. But if you don’t prepare properly, you may be one of millions of Americans who must continue working into their golden years. Popular Bank can help you take steps to help ensure you plan well so that you can live the retirement of your dreams.
At Popular Bank, we know that everyone can benefit from help determining needs and achieving goals for retirement.
Whether you’re starting your first job out of college or well into the current of your career, it’s never too soon to begin planning for your retirement. So if you haven’t already created your retirement plan, get in touch with one of our expert financial counselors. She or he can guide you to savings options you need to reach your goals.
Tips for a comfortable retirement include:
- Earning more, spending less, and saving money during the years you work
- Investing steadily between age 25 and 54
- Transition high-risk investments to safer investments after age 55
- Determining all your retirement needs, including budgeting for
- Utility costs, mortgage payments, or rent payments
- Home repairs/renovations and insurance, if you own your home
- Health care costs, even if you qualify for Medicare
- Long-term care insurance
- Car/transportation expenses, including gas, maintenance, insurance, and new cars
- Recreational costs, including travel, eating out, and entertainment
- Monetary gifts to family members
- Calculating your Social Security income
- Factoring in an annual inflation rate of 3.4%
- Retiring later rather than sooner to maximize your earning years
- Downsizing to protect what you’ve saved
- Estimating when you’ll receive income from your pension, annuities, inheritance, 401Ks, IRAs, and other investments
- Including your spouse’s/partner’s income in the retirement mix
- Continuing to plan for your future even after you retire, including conservative investments that preserve your nest egg
If your retirement goals exceed your expected savings, our Popular Bank financial counselors get you. They can analyze the gap and recommend financial practices to help you bridge it. Obvious recommendations will likely include saving more and spending less money now so that you can contribute more toward your retirement funds. Changing your retirement goals also is an option. Some people, for example, decide to travel less during retirement or forego financial gifts to family members. Others, especially many baby boomers, opt to work more years and retire later.
Whatever your retirement goals, Popular Bank is here to help you make them happen. If you’re ready to begin planning for your retirement today, we are too! Search our branch locator to find a Popular Bank near you. Our financial consultants are waiting to speak with you now.
The information mentioned in this article is for informational purposes only, is intended to provide general guidance and does not constitute legal or tax advice. Each person’s situation is unique and may materially differ from the information provided herein. You should seek the advice of a financial professional, tax consultant and/or legal counsel to address your specific needs before any financial or other commitments regarding the issues related to your situation are made. Banco Popular North America does not make any representations or warranties as to the content contained herein and disclaims any and all liability resulting from any use of or reliance on such content. Certain products are not guaranteed by Banco Popular North America or any of its affiliates, not FDIC insured, not a Deposit, not insured by any Federal Government Agency, and may lose value including loss of principal.