By Jeffrey J. Buonforte, CERTIFIED FINANCIAL PLANNER TM
Most Americans will spend approximately 20 years in retirement and many agree that planning for this time period is important. However, the U.S. Department of Labor
reports that fewer than half of those who want to get ready for their golden years actually know how much they need to save for it. As a result, many put off the planning process and miss opportunities. At Lakeland Bank, we encourage individuals and couples of all ages to make the time for this essential planning as early as possible -- just like you would for a dream wedding, vacation, or buying or building a new home.
Here are a few simple tips that can help you prepare for a financially secure future and there’s no better time than the present to get started!
- Review your anticipated retirement lifestyle needs and cost of living. If you hope to maintain your current standard of living, estimate that you will need at least 60 to70 percent of your pre-retirement income. You can use our retirement calculator on LakelandBank.com and be sure to take inflation into account.
- Estimate your retirement income. This includes future Social Security benefits, a company pension plan and any other sources of income.
- Select a retirement date. A target year is fine for planning purposes.
- Determine how much you have to save to meet your financial goal for retirement. Break down the amount annually, and monthly.
- Review savings and investment options. These include certificates of deposit, IRAs, and 401(k) plans. Talking to a financial advisor about risk and return can reveal how investments can help your money grow.
- Start a plan today. It’s never too late to start a plan, but establishing one early provides a greater opportunity to meet your retirement goal. Once you establish a plan, make monthly contributions a priority.
- Monitor, but don’t touch your retirement savings. Keep track of your savings progress and adjust your retirement portfolio, as necessary, to maximize results.
Your community bank is a great resource to learn about planning for retirement. Lakeland Financial Services consultants are available to offer one-on-one financial counseling. For more information or to set up an appointment, visit lakelandbank.com, call 866-224-1379 or visit any of our office locations.
*Securities are offered through Essex National Securities, Inc., member FINRA & SIPC. Insurance products are offered through Essex National Insurance Agency, Inc. Neither are affiliated with Lakeland Bank.
Products are not guaranteed by the bank, not FDIC insured, not a deposit, not insured by any federal government agency, and we may lose value including loss of principal.