When Should I Start Planning for Retirement?

We are often asked what the ideal time is to begin retirement planning. To be clear, retirement planning and retirement saving are two different things. One should begin saving for retirement as early as possible. Our sons began their retirement accounts when they first had earned income, at ages 7 and 9. Planning for retirement brings in more complexities, determining the income that you’ll need to fund the lifestyle that you desire in your golden years along with the many other factors and decisions that encompass the future projections. 

If you are young, save as much as you can. You can find simple calculators online that can give you preliminary estimates. Keep saving. As your nest egg and your age both advance, more detailed planning should add clarity as to how your financial future will play out. If you wait too long to plan, you may not have the time or resources left to make necessary adjustments for your goals to come to fruition. Generally speaking, it is advisable to begin detailed, comprehensive planning five to ten years before you wish to retire. For many people, that puts them at 50 – 65 for the ideal age range to begin planning for retirement. 

LouAnn Schulfer of Schulfer & Associates, LLC Wealth Management can be reached at (715) 343-9600 or louann.schulfer@lpl.com TheWealthInformationLady.com, SchulferAndAssociates.com , or louann.biz 

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Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.