Your Retirement Plan

Retirement planning means preparing today for your future. It includes setting your retirement goals, estimating the amount of money you will need, and investing in growing your retirement savings. Every retirement plan must be unique.

Estimating Your Retirement Income

Most people have three possible sources of retirement income: (1) Social Security, (2) pension payments, and (3) savings and investments.

The income you can provide through savings and investments (which you can plan for) can be determined only after you have estimated the income you can expect from Social Security and any pension plans (over which you have little control).

Goals for retirement

Determine how much money you will want after retirement. Once you have determined this amount, you can figure out how much you will need to put away to have a big enough nest egg to fund your desired income level.

Remember that the earlier you retire, the more you will have to save. So, for example, if you have planned to retire at the age of 55, you will have to save a lot more than if you retire at age 65.

Deciding on investments

Generally, the longer you have until retirement, the more your savings should invest in vehicles with growth potential. However, if you are very close to or at retirement, you may wish to put the bulk of your savings into low-risk investments. 

Consult the professionals

You need to start planning early to enjoy your retirement days. People need to start planning and saving for retirement in their 30s or even sooner.

We at Royal West Agency understand your retirement objectives. We have experienced professionals who can help you make a perfect retirement plan and explore the best solutions for you.