Information About Planning For Retirement

6 August 2020
 Categories: , Blog


It's never too soon to begin making plans for your retirement. In fact, the sooner you begin planning, the better off you will be when the age of retirement comes around. If you are in the beginning stages of thinking about your retirement planning, then you want to read the information here, as it covers questions and answers a lot of people have about the act of retirement planning.

Should you pay down debts before starting a retirement plan?

In some cases, it would be a good idea to pay down your debt and then start a retirement account. However, if your employer sponsors a retirement plan, then you should consider taking advantage of the opportunity they are offering regarding getting you started with your retirement plan while you chip away at your debt at the same time. 

What amount of money is right for retirement?

There is no steadfast requirement as to how much money is the right amount for someone because each person's situation is different. While you may be able to get by with a smaller amount because you have always had a relatively low cost of living, there are others who would need what you may consider to be a very large sum in order for them to continue living at the same standard that they have always been accustomed to. A financial planner can be very helpful when it comes to determining the amount of money that would be right for you. 

What happens if you end up on disability before you are at the age of retirement?

You can take some money from your retirement account if you have to, such as while you are out of work and waiting for disability benefits to kick in. However, you do want to know that once you are on disability, you will need to claim that money as an income amount. 

What is the age of retirement?

The normal age of retirement is 62 years of age for women and 64 for men. Some retire before this age, but any retirement before the age of 65 is considered to be an early retirement, and Social Security benefits are not available until the age of 62. 

What amount should you be putting toward retirement each month?

The amount that you should be putting toward your retirement each month will depend on your situation. It should be a percentage of what you have left each month after you are done paying all of your necessary bills. A retirement planner would be a good source to go to for help with determining the amount you should be putting toward retirement each month.

To learn more, contact a resource like the Walsh & Nicholson Financial Group.