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Your future shouldn’t be left to chance. Your dreams and goals aren’t something that can be achieved without careful planning. At Summit Capital Financial Group, we can help you to protect and secure your future with a structured retirement plan that’s tailored to your individual needs and goals for the future.
We take the time to not only understand your finances, but your personal circumstances and the vision that you have for your retirement. Then, we build a retirement plan that’s as unique as you and your goals are, providing you with clear, actionable steps that make your vision for retirement a reality.
Retirement planning is so much more than setting a savings goal to achieve before you retire. A comprehensive retirement plan identifies current and future income sources, assesses current and future expenses, establishes a savings plan, manages your assets and risk, and secures future cash flows for your retirement years.
Far too many people view their retirement as a finish line that they can cross once they’ve saved a certain amount of money. However, these individuals often find themselves outliving their savings, due to a failure to plan for the retirement years.
At Summit Capital Financial Group, we build retirement plans that look beyond that last day of work and provide you with long-term financial stability. The right retirement plan can make all the difference, and can shape your retirement years into the future you’ve been dreaming of.
Retirement planning is more complex than most people think. Below, we’ve compiled answers to some of the most common questions we receive about retirement planning. To receive answers that are customized to your financial situation, contact Summit Capital Financial Group today.
It’s never too early to start planning and saving for your retirement. Investing in your retirement in your 20s gives you plenty of time to let those investments mature, which can become a critical part of your retirement savings. Even if you can only save $50 per month at age 25, that small investment will be worth three times more by the time you retire when compared to a $50 investment made at age 45. If you haven’t started planning for retirement, no matter how old you are, the best time to get started is right now.
When you examine the list of retirement accounts available to you, it’s natural to feel a little bit overwhelmed. Roth IRAs, SIMPLE IRAs, traditional IRAs, 401k plans, 403b plans, and others may all be available to you. But which is the right one to contribute to? The best option is usually to contribute to a mix of different retirement accounts that provide various tax benefits. Some accounts will offer you an immediate tax deduction, while others will provide you with a tax-free source of income when you retire.
If your employer offers a contribution matching program for your 401k or 403b plan, you should max that match out first to receive as much of that additional income as possible. Beyond that, do your best to balance the tax benefits of various retirement plans.
There is no magic number that every retiree will need to retire comfortably. However, a good rule of thumb to follow to provide yourself with an estimated retirement account balance is the 80% rule. This rule states that you will need 80% of your current annual income in order to retire in your current lifestyle. So, if you currently make $100,000 a year, you will need retirement savings that can provide you with $80,000 in retirement income every year. Most retirees should plan for at least 20 years of income, which would mean that you would need a total of $1.6 million in retirement income, including any income generated by your investments during retirement.
Of course, this is just a guideline, and the true number you need to retire securely is much more personalized than this. We encourage you to schedule a consultation with a retirement planner to determine what your retirement savings goals should be.
Your retirement years should be something you look forward to with eagerness and excitement—not anxiety or trepidation. If your financial circumstances are making it difficult for you to envision a comfortable and financially stable retirement, contact Summit Capital Financial Group today to schedule a retirement planning session.
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