Retirement Planning

from Fox Insurance Agency

Imagine the Possibilities!

When you think about your retirement, how do you envision this time of your life? Some people hope that they will be able to spend more time with their family and their friends while others would like to pursue passions or hobbies. Even if you know that you want to volunteer for your favorite charity, you should be prepared to ensure that you can make your dreams reality.

Today, retirement planning has become important for many people. Maintaining your current lifestyle throughout all of your retirement is possible and it is important that you take time to figure out how you can make sure that it happens. Being retired now can be full of active, engaging and independent lifestyle choices and activities. Individuals in our society are living longer and planning for that extended amount of time in retirement is necessary. Instead of counting on winning the lottery, make a plan to ensure that you will have the money that you need. Many people wonder when they should start saving for retirement or how much money they will need to retire. We can help you answer these questions.

Evaluating Your Retirement Needs

How Long Will You Be Retired?

Many of us have an ideal age at which we would like to retire. Although it is good to have an age at which you would like to retire, it is also important to know how many years you will spend in retirement. As people live longer, it becomes more of a reality that our retirees will out live their savings account. While you are saving for retirement it is important that you know how to ensure that your money will last you through all of your retirement.

How Much Do You Need?

To understand how much you are going to need to save, you should know what percentage of your pre-retirement income you will need to live. Some estimate that you will need at least 80% of your income while others will need 100% of their income. To figure out how much of your income will be necessary, you should know what costs you will be responsible for. Although you may not have to pay child's tuition or your mortgage, you may have more medical costs.

How Will You Fund Your Retirement?

As you are saving for your retirement you should be sure that you can plan and invest properly for your retirement. When you retire, you will no longer be earning a paycheck but you will be living off of your savings, investments and Social Security. Living comfortably in retirement and enjoying retirement will require planning and investing throughout your working years. 

Start as Soon as Possible

Although it is never to late to start saving for retirement, the sooner that you start saving the better off you will be. When you start early you will be able to take small steps and have big results. As you are compounding your funds, you can put a small amount of money in your savings and it will continue to compound. Setting your goals now and starting to work towards them early will pay off in the long run.

Start With Your Employer's Retirement Plan!

When you are working on building a retirement fund, you should start by talking with your employer.  Workplaces will often provide a retirement savings plan to ensure that their employees are well taken care of throughout their retirement.

Often times, workplaces will provide an option that will enable you to put a certain percentage towards your paycheck. Often times there will be a specified maximum for what you can put towards your paycheck. You can often contribute pre-tax dollars which means that your salary will have a lower income tax percentage. Sometimes, employers will even match a specific percentage of the money that you contribute. Companies often provide investing options for aggressive and conservative investors and provide the opportunity for diversification.

Although contributing to an employer-sponsored retirement plan can be very beneficial, if you do not have this option you will still want to find a way to build your retirement income.  We can help you develop a saving and investing strategy that will enable you to accomplish your goals.

Fox insurance has been providing Oregon residents with strategic retirement planning for years. Customers from Portland, Beaverton, Wilsonville and other cities in the state have benefitted from the expertise of Fox Insurance.

To learn more about our Retirement products, contact one of our experienced professionals today.