Use these resources to start your retirement income planning journey.
Bridges Wealth Preservation knows people need tools to help them plan.
Here, you’ll find a
variety of calculators and articles to help you plan and estimate your
retirement income. As always, reach out to us if you have any concerns or
questions—we’re here for you every step of the way and want to be a resource
Turning 50 is a major milestone. Halfway to the century mark! It’s time to take stock of where you are in relation to your retirement goals. If you haven't been serious about planning for retirement up until now, you can change. You should review your current retirement savings and determine whether you're saving enough. If not, the good news is you have time to make changes that can get you there.
This is also the time to think about the issues you'll face once you’re no longer working. Without steady, employment income, you will have to allocate your retirement savings toward taxes on the retirement plans you will be spending, increasing healthcare costs, repair and upkeep on an aging home and many other items you are not presently dealing with.
If you don't have as much saved as you should, there are ways to contribute more now to have enough later. Once you turn 50, the IRS allows you to increase the maximum annual contribution you can make to both your IRA and 401(k) accounts. This is called a “catch-up” contribution. The limits can change annually, so double-check how much you can add. You can also contribute to Non-Qualified retirement plans to ease the tax burdens down the road.
It can be tempting to chase higher returns to make up the difference you need for retirement, but those usually come with higher risk levels that you may not be able to tolerate at this stage. It's much more difficult to recover from financial mistakes as you get older. It also wouldn't hurt to start reducing expenses. At the very least, it's good practice for when you get older and have to rely on your savings. The money you save from cutting back on expenses can go into investments.
We could help you navigate the complexities of retirement income planning.
This pre-retirement stage is an exciting time. But it’s also complicated. We haven’t even really scratched the surface on this page—there are Social Security, Medicare, pensions, 401(k)s, and much, much more to consider. We could help you navigate that world; we live in that world every day. You may be at the peak of your career and enjoying working; you may begin wrapping up your career and transitioning to retirement. In either case, now is your chance to make sure you have everything in place for when you do retire and to make sure you are able to enjoy it.
Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor. BCM and Bridges Wealth Preservation, Inc. are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents.