There are many decisions you will need to make before you can develop an effective retirement plan. These decisions can mean the difference between a successful retirement and a retirement that may never arrive.
First, you will need to make estimates of your financial position at retirement and in retirement. This means you will need to know critical details, like when you plan to retire, your expenses during retirement, and your income during retirement.
When to Begin Planning for Retirement
You should begin planning your retirement as soon as possible! The sooner you start planning and saving, the better you should fare, mostly due to the magic of compounding interest.
Also, the younger you are, the more ability you should have to take risk. This is because a younger person should have more time to rebound from a market downturn before retirement.
Those who are closer to retirement, on the other hand, should look at more conservative investing approaches to protect their investments. Things naturally change over time, so you should adjust your portfolio accordingly and update and plans as needed.
Retirement Planning at DreamWork Financial Group
At DreamWork Financial Group, our retirement planning process includes building your Investing Gameplan™ – a roadmap to achieving your investing goals. And, you can rest easy knowing that, as a fiduciary, DreamWork Financial Group must act in your best interest. So, contact us today to get started planning your retirement.