Financial Planning

Retirement Planning
It’s never too early to think about retirement planning. Establishing good savings habits and mapping out a long-term investment strategy is vital to meeting your retirement goals because:

• You will likely need 60% to 75% of your current annual income to maintain your lifestyle in retirement.
• If you’re like many people, Social Security will account for less than half of the income you’ll need at retirement.
• Inflation will substantially reduce the value of your savings over the period you are retired. At a 4% annual inflation rate, for example, you may need twice your current income to maintain your standard of living 20 years from now.
• The longer you wait to save, the more you will have to contribute monthly to accumulate the amount you need. For example, if your goal is to have $500,000 by retirement and your money gets a 10% annual return, the amount you need to invest monthly starting at age 25 would be $131; at age 35, $374; at age 45, $1,196; and at age 55, $6,403.

 

United Financial Solutions can assist you in developing a solid, long-term strategy that will blend a variety of Savings and Investment opportunities to meet your anticipated retirement needs. It is important to start the process as early as possible, and maintain a long-term commitment.