Santa Rosa Retirement Planning Services
When Should I Start Planning For Retirement?
The short answer is, “As soon as you can.” Assuming you leave school sometime in your twenties and start earning paychecks, that’s one of the best times to start a habit of making contributions to a retirement account.
The important thing to remember is that the sooner you begin saving, the more time your money has to grow. Each year’s gains can generate their own gains the next year thanks to a powerful wealth-building phenomenon known as compounding.
If you give your savings enough time to grow, you’ll only need relatively small investments of money (made consistently) to wind up with a pretty big balance.
Retirement Income Sources
It’s very common for those just starting to think about retirement planning to assume that the money they save will be the only money they’ll have to live on when they retire. While that scenario may technically be possible, it’s very unlikely.
In addition to your retirement savings, other commons sources of retirement income include:
- Social Security
- Stocks and investments
- Rental properties
Diversifying your sources of retirement income is a great way to guard against sudden or unexpected losses of any one particular source.
How To Get Started
Getting started with retirement planning can often be intimidating or confusing. At Miles Brown Asset Management, we’re here to help inform and guide you through the process and deliver a plan that meets your goals.
Regardless of what stage in life you’re currently at, there are always options to get on the road to a happy and successful post-employment lifestyle. Please contact us to learn more about how we can help you on the road to financial freedom.
When it comes to social security, there is not a single correct answer as to when it is appropriate to begin taking the benefit. For most people, the appeal of accessing the benefit as soon as possible is far too overwhelming. However, it may make good financial sense...
It may be 2020 but it's not too late to contribute to an IRA for tax year 2019. Annual contribution limits may seem insignificant, but coupled with compounding and tax benefits these small contributions can add up in a major way over time. The figures below are the...
Free Financial Planning Consultation
Would you like to speak with a financial planner about your specific needs? If so, we'd love to hear from you! You can book a free phone consultation with us right now by clicking "Schedule An Appointment".
Once you've picked an available day and time, and provided your contact information, your appointment will be booked. If you have any questions, or need to change your appointment, please call us at (707) 595-8702. We look forward to speaking with you.
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