While the future is always uncertain, having a plan of action can help you better prepare for the road ahead paid Impact_Partner
The answer to this question is different for everyone, but it’s an important one to consider. Just like your younger years, the road to retirement is often filled with twists and turns that can either help or hinder you working toward your goals. While the future is always uncertain, having a plan of action can help you better prepare for the road ahead.
Use your current written budget to create your retirement budget. What are your recurring expenses that you know won’t go away in retirement? Consider bills, health care, insurance, etc. Using an online retirement calculator, you can use this number to get a better idea if what you’re contributing might provide your desired retirement income.
While these are great options, since many employers offer to match a portion of your contributions, this shouldn’t be your only retirement account! These accounts generally grow based on stock market performance, which means your accounts have the potential to grow but can also decrease in value. For example, Betty has $100,000 in her 401. Her account took a loss in 2017 of 10%, which reduced her balance to $90,000 . In 2018, she gained 10%, which brought her account balance up to $99,000 . Even with the loss and gain both being 10%, she has still not fully recovered from the loss.Consider having more than one account. If you have a 401 or other employer-sponsored plan from a previous job, consider doing a rollover to an IRA.
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