Topic: Retirement Planning Advice

Preparation for retirement is extremely important, and it extends well beyond finances. That’s why you need to work on your retirement compatibility with your partner way before you stop working.

Retirement is the final chapter to solidify your life’s success. How that looks, though, is entirely up to you.

Our definition of retirement is the financial freedom to move into the next chapter of your life, and that next chapter is different for everyone. It’s not uncommon for couples to not see eye-to-eye on retirement.

The 401(k) provides a tax-deferred way for employees to set aside wages for retirement. The diverted funds grow tax-free in that account until the employee retires. Funds in a 401(k) account are able to grow tax-free. Because growth is not disturbed by capital gains taxes, accounts are able to grow faster than a standard individual account.

There are so many factors to consider, questions to answer, scenarios to prepare for, that it can all seem very overwhelming. To make things manageable, though, let’s start off with a dream.

Financial weight of health care can start off with small steps. Those who are unprepared can, unfortunately, find themselves sliding into practices where they are not taking care of themselves in retirement.

Social Security can be complicated to navigate at times, but since it’s so vital to your retirement income plan, it’s important to make wise decisions and create strategies first.

Just as you would plan for the financial elements of your retirement, it’s equally important to plan how you will live out your retirement years.

You need your money to be ready to work for you and one of the best ways to ensure this is by utilizing three types, or buckets, of savings.