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While you may feel that retirement is an eternity away, the fact is, 10 or 20 years will be here before you know it. There’s never a better time to begin saving for your future than today! According to Fidelity Investments, your retirement savings needs to last for approximately 22 years, but with increasing life expectancies you should be projecting your savings to last for 30 years or more.
Retirement planning doesn’t have to be dreadful, if you remember to pay yourself first. The ideal suggested amount to save from each paycheck is 10 percent. Just remember, putting all your retirement funds into a savings account won’t yield much growth, as these accounts often have low interest earnings. To make sure your investment strategy is aligning with your long-term goals, speak with a financial planning expert.
Here are some concepts to consider when planning for retirement:
Set realistic goals. Start with a monthly savings goal that you are comfortable with and build from there, keeping in mind that financial planning experts recommend you retire with savings of at least 10 times the amount of your last full year of work.
Get out of debt. A large portion of your debt may come from your mortgage; however, if you own your home free and clear, but have outstanding credit card or personal loan balances, consider consolidating your remaining debt into one payment with a possible lower interest rate.
Consider the risk. You have an option to take more risk with investments that have a longer period of time to recover from market volatility, like your retirement savings. Although you may not be comfortable watching your account fluctuate, maintaining a conservative investment strategy is not without risk either.
Emergency funds. Safeguard your retirement finances against unexpected medical and household costs. A general rule of thumb is to save three to six months’ worth of living expenses. Or, select a fixed dollar amount and save it up, then don’t touch it until the inevitable happens.
When you reach retirement you want to be able to take it easy and enjoy your “Golden Years.” There are many factors to consider that don’t just involve investing your money in a 401(k) or tax-deferred savings account. Housing, health care and transportation are typically the largest expenses in retirement. Now is the time to research your living options.
Mike Lapinsky, Marketing Director at Traditions of Hershey in Palmyra says:
“When you consider everything a senior community, like Traditions of Hershey has to offer, the initial sticker shock goes away. We give everyone who stops in for information about us a Cost Comparison Worksheet that really summarizes your current budget compared to everything that is included at our community. From utilities, housekeeping, maintenance, and transportation to social events and top-notch dining…it’s all taken care of in your monthly rent! Whether you are ready now, or are just in the beginning stages of planning for yourself or an aging family member, we invite you to stop in and pick up a copy of the worksheet. It’s absolutely free! No hassle, no obligation. We just want to help you make your retirement savings count!”
Traditions of Hershey Independent Living and Personal Care community is located at 100 N. Larkspur Drive in Palmyra. Traditions of Hershey offers unique retirement living options with an affordable month-to-month lease and no buy-ins. For more information call 717-838-2330 or visit us online at traditionsofhershey.com.