Life's Biggest Question: Retirement Planning FAQs

Life's Biggest Question: Retirement Planning FAQs

| October 14, 2019

When it comes to planning for retirement, now is as good a time as any to start. Retirement may seem like a difficult journey to embark on, but it’s in the best interest of every party involved. So, if you’re ready to start planning your retirement, then the Herrera Group can help! Keep reading to learn more about what goes into our retirement planning services.

A Bit of Help Goes a Long Way

Planning for your retirement isn’t something you should do on a whim, it’s a serious undertaking that requires care, precision, and–of course–planning. If you’re starting to feel overwhelmed by this decision, then don’t fret. By teaming up with the reputable team of wealth planning experts at the Herrera Group, you’ll be able to rest easy knowing everything is going according to plan. This is how we lay the groundwork for what’s to come. A strong foundation is paramount in order for your retirement to proceed smoothly. 

Although a reliable team can make the process much easier to handle, it’s necessary for you to understand certain details about retirement planning. It’s much more than just saving money while you’re working, although that’s a great start. Don’t let all the extraneous details get in the way, or worse, stop you from planning your retirement. Below, we’ve answered a few frequently asked questions to help you on your path towards retirement.

What’s the Best Way to Start Saving for Retirement?

This is, undoubtedly, the first question that pops up when thinking about the future. You can’t be too young to start saving for retirement. In fact, it’s a great idea to start saving a bit here or there. You can even start a retirement savings account when you begin your very first job. This option may not be readily available to everyone, however. We understand how difficult times are in this day and age, and it’s especially difficult for young, new workers. The mere thought of saving some money for retirement may never have crossed your mind. Perhaps your entire paycheck goes to bills and food, and that’s okay. But if you have enough money left over, you should put it in savings. Even if you haven’t started doing so, you can always start saving. If you’re able, start saving today!

How Much Should I Save?

Once you’ve come to the realization that it’s time to save for retirement, the next logical question that arises is “how much”? This is where the planning in “retirement planning” comes in. Figuring out exactly how much money you’ll require in order to live a happy, comfortable life once you retire may make you feel dizzy. Instead of trying to cram every single need and necessity into some online retirement calculator, you can speak with a wealth management expert at the Herrera Group. We’ve helped countless individuals just like you plan for their retirement. It’s our job to figure out the right course of action for you to retire effectively. But if you’d like an estimate of how much you should be saving, then we’d be more than happy to help.

When it comes to saving for retirement, you may feel as if you’re not saving enough. But you need to make sure that an increase in your regular savings won’t have any negative impacts on your present situation. Everyone’s different so there’s no one-size-fits-all number you should strive to hit. Instead, just focus on saving for retirement right here, right now.

When Should I Retire?

In general, people retire in their mid-60s. Whether you’re ten or 40 years away from your 62nd birthday, it’s always best to start thinking about retirement as early as possible. Many employers offer savings plans that may make the journey towards retirement less bumpy. Smaller businesses, however, may not offer these plans so planning for your retirement may be a bit more difficult. If you’d like, you can try finding a new job with an employer that offers a savings plan. This is totally up to you. You can still save for retirement, even if your employer won’t be able to help. Don’t see this as an obstacle; instead, see it as an opportunity to take your future into your own hands. 

Who Can Answer All My Retirement Planning Questions?

Planning for retirement is one serious undertaking. It’s also incredibly difficult to tangibly envision a future where you’re not working for a living. If we haven’t answered your questions within this blog, don’t worry. We’ve helped so many people plan their retirements that we’ve heard every single question and we’re ready to answer anything you might have in mind. When it comes to retirement, there tends to be a good answer to even the most obtuse queries. Contact the Herrera Group today to learn more about our retirement planning options. Your future awaits!