Retirement Planning

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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
  • Pensions
  • Stocks and investments
  • Annuities
  • 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.

Retirement And Medicare, Part Two

Retirement And Medicare, Part Two

Following up on part one of our guide to retirement and Medicare, this article will be looking at the second two parts of Medicare coverage: parts C and D. As a refresher, Medicare parts A and B primarily cover hospital visits, routine medical services,...

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Retirement And Medicare, Part One

Retirement And Medicare, Part One

As you approach age 65 – and, presumably, retirement – there is action required from you as it relates to Medicare. As a reminder, Medicare is a federal program that provides hospital insurance and some medical insurance to older Americans and those under...

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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 (415) 696-7600. We look forward to speaking with you.

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