Build a Future You Can Count On

You’ve got to ask yourself some big questions: When do you want to retire? How do you want to live? Travel the world or chill on your front porch? Your retirement lifestyle will dictate how much money you’ll need.

It’s easy to think expenses will drop when you retire, but that’s not always true. Sure, no more commuting costs, but healthcare might eat up more of your budget. Plus, hobbies, travel, and daily living expenses don’t vanish.

This is where accounts like 401(k)s, IRAs, and Roth IRAs come in. The goal is to build a fat nest egg by regularly contributing to these accounts over the years, taking advantage of compound interest and employer matches when available.

Retirement accounts have different tax implications. For example, traditional 401(k)s give you a tax break upfront but are taxed when you withdraw. Roth IRAs, on the other hand, tax you now, but withdrawals are tax-free. A solid plan balances these to minimize tax hits.

Retirement isn’t just about saving; it’s about how you’ll live off those savings. 

You’ll need to think about:

• Social Security – Should you take it at 62, wait until full retirement age, or hold out until 70 for bigger payouts
• Pensions (if you’re lucky enough to have one).
• Withdrawals from retirement accounts – You need a strategy for how much to take out and when to make your savings last.
• Other investments or part-time work – These could provide additional income.

Medicare kicks in at 65, but it doesn’t cover everything. You’ll need to think about supplemental insurance, out-of-pocket costs, and possibly long-term care insurance to protect yourself from hefty healthcare bills.

Setting up a will or trust, naming beneficiaries on retirement accounts, and preparing for what happens to your assets when you’re gone.

What you can buy with $50,000 today won’t be the same in 20 or 30 years. Inflation eats away at your savings, so you need to plan for your money to grow even in retirement.