Retirement Financial Planning Tips

Preparing for retirement is something that we rarely think of when we’re young and busy with life. Establishing a career, opening a business, raising a family, enjoying social engagements and other aspects of a busy life tend to become all-consuming. Yet retirement planning is crucial for financial stability and peace of mind later in life. When considering your golden years, you may have questions about how much you need to save, the best methods of financial planning for retirement, which investments are the most sound, and more. Watkins & Co. is your go-to partner in retirement financial planning, providing sound guidance and financial advice, as well as assisting you in carrying out an established plan. 

How Much Should I Save for Retirement?

When thinking about how much you should save for retirement per month or how much should you have saved for retirement by age 55, or any other retirement-related question, you first have to assess your retirement needs and goals. You’ll want to plan for your expected retirement needs. This means you’ll need to estimate how much you’ll require annually for essential expenses such as housing, food, health care, utilities, transportation, and so forth. It’s also important to account for inflation, fluctuations in the market (if you’re not relying solely on savings in your bank account), cost of living increases, and for your life expectancy – it’s always wise to plan for living longer than expected, just to be safe. Then factor in any expenses for travel, hobbies, activities, family responsibilities, and other costs you’ll likely incur in retirement. Sound like a lot? You do not have to figure all this out on your own! You can use retirement calculators or consult with a Watkins & Co. financial planner to determine a specific savings target based on the above factors, your age, current savings, and expected retirement age.

What’s the key takeaway? Most financial advisors for retirement planning will tell you to save 10-15% of your income before tax. The ultimate goal would be to save this for at least 40 working years (for instance, when you are working from the ages of 25 to 45 years old). 

The reality of the situation, however, is that many Americans have not saved for retirement in their younger years and you may find yourself close to retirement with little to no savings. Do not panic! Sitting down with a Watkins & Co. financial retirement advisor can help you determine how to proceed based on where you are currently. Every situation is unique and you will deeply benefit from the expertise and guidance of a certified financial planner for retirement. At Watkins & Co., we take a full accounting of your financial situation, retirement savings objectives, and savings thus far to help determine a sound course of action moving forward. We can help you implement a savings and/or investment plan from this point on that will provide you with financial stability for your retirement years. 

Financial Planning Services for Retirement Jackson, MS

For the most reliable and best retirement financial planning services near Jackson, MS, stop by Watkins & Co. After decades of working in business and personal financial planning and accounting, our team has the qualifications and experience to help you achieve your financial goals for retirement. We are here to help pave the way to a smooth and enjoyable retirement! Give us a call today to learn more! 

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