Tips And Retirement Savings By Age From Your Miami Financial Consultants
Miami financial consultants – Retirement, for most people, seems so far away. We think we’ll be working forever, especially if we have a family and the obligations that typically come with that: The kids’ college tuition, weddings, spoiling the grand children and so on. Stopping work really doesn’t seem like a reality. But we all know we need a retirement savings fund, to help us live comfortably when we can’t bring in a paycheck anymore.
The Miami financial consultants know that retirement savings is a scary concept for many, it not forces them to think about the future and deal with uncertainty, but also skimp on the possible pleasures of today for a better tomorrow. That’s a hard thing to do in this age of instant gratification. There’s also many concepts to understand to save for retirement, from understanding tax rules to handing paperwork to perhaps dealing with investment companies.
Life in our 30’s may offer a bigger paycheck, but it also offers bigger responsibilities.
Some are married or starting a family, some are buying their first home, while others are starting their own business. Student loans may not all be paid off, and expenses seem to pop out of nowhere on a daily basis. The Miami financial consultants learned that thirty-somethings have about $45,000 saved.
For those who have hit forty retirement savings should maximize 401k contributions.
For those who have hit forty, the statistics for retirement savings don’t look as good even though student loans are already paid. Experts say you should already have three times your annual salary by this age. But the average retirement savings according to a 2017 report, is only at $63,000. At this point though, you should maximize 401k contributions.
Fifty-year olds are closer to the retirement age, with increasing expenses.
From medical bills to home repair, children’s tuition and more, money is constantly needed to advance. By this time, the average savings to retire are at about $117,000 but many are falling behind. Make sure to take advantage of the catch-up contributions and consider downsizing in general. Remember, stock options, assets you’ve accumulated over time are also part of your retirement savings.
For more help on how to save for retirement, consider calling your Miami financial consultants at 305.868.7620.