Are you on track to the retirement you’ve wanted?
by Ronald Stevenson and Barbara Clark Stevenson
When it comes to being prepared for retirement, you may not be as set as you think. According to TIAA’s 2017 Lifetime Income Survey, fewer than half of Americans are aware of how much they have saved for their golden years.
Now is the perfect time to sit down and analyze your current financial picture and see how it stacks up to where you hope to be when you reach retirement. But where do you start?
A good first step is to look at what you have saved so far – this includes anything in your 401(k), 403(b) or an individual retirement account (IRA) you might have. If you haven’t started putting away money for retirement, it may be a good idea to start allocating some of your income to one of these types of accounts.
The next step is to add up any other assets you have, from your house to other valuables like your car or jewelry. You can also add in any income that you are expecting to have in the future; such as an inheritance that you know about, your projected Social Security income, or a pension that you may have. All of these have to be taken lightly, however, since it may be too soon to know what some of those figures are in detail.
After you have tallied your net worth and have a good idea of what you have saved, the next step is to compare this to your target retirement number. If you aren’t sure of how much you will need in retirement, we can help you! At American Financial Investments, LLC, we are dedicated to providing you with personalized financial solutions that fit your individual needs. We will help calculate how much you will need down the road, based on factors like your age, current savings rate, expected retirement age and the lifestyle you hope to have in retirement.
We can analyze your situation and find potential shortfalls that you may have, as well as devise a plan to help overcome them.
It may seem stressful and overwhelming to look at your finances, but you may find that you’re on track, or that you need to up your game in order to meet your goals. Either way, it’s better to know now because the older you get, the harder it is to catch up. Preparing for retirement is an ongoing process that requires thoughtful planning and adjustments that may have to be made along the way. The right financial professional can evaluate your financial picture and develop a plan tailored to you and your goals to help you live more comfortably in retirement.
About the Authors: Ronald F. Stevenson & Barbara Clark Stevenson own American Financial Investments LLC. American Financial Investments LLC offers, Investments, Annuities, Life Insurance, Retirement Income Planning, Social Security Maximization, Personal & Corporate Tax Preparation and Planning. For more information, call 928-771-8368 or visit www.AFSprescott.com 3112 Clearwater Dr., Suite B, Prescott, AZ 86305.
Advisory services are offered through American Financial Investments LLC a Registered Investment Advisor in Arizona. Insurance products and services are offered through American Financial Security, LLC. American Financial Investments LLC and American Financial Security, LLC are affiliated companies. American Financial Investments LLC and American Financial Security, LLC are not affiliated with or endorsed by the Social Security Administration, or any other government agency.