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How To Do An Early Pre-Retirement Financial Planning

For an early retirement, you need to plan the things early. However, if you find it difficult, then hire a financial planner can help you more.<br>Visit our official website to know more about early retirement - https://jarrarcpa.com/<br>

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How To Do An Early Pre-Retirement Financial Planning

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  1. Thinking of Your Early Pre-Retirement Financial Planning

  2. Introduction The traditional concept of retirement after sixty years is now outdated. People are planning their retirement as per their own choice and flexibility. However, to take early retirement, one needs to do financial planning at an early stage. But do you know the steps to follow to take early retirement? The current presentation is all about it.

  3. The Retirement Goals Will 80% of your current income be enough for your future? If not, then what will be the amount that you will need after your retirement? A financial planner Santa Monica mentioned that the calculation is not as easy as the after-retirement life of each people will be different from another. Thus, the first and foremost thing is to set up a goal that how will you spend your after-retirement life.

  4. Organize Your Finances For organizing the finances, you need to assimilate all the documents. Some of the important records that you must keep in your collection are W-2 and 1099 forms, and pension information. Further, information related to mortgage, titleholder, purchase price, etc.

  5. Start Saving Money Right Away Sooner than later you must start saving money for your retirement plan. Do small contributions to your retirement savings, it’s worth it to do so. Compounding interest over the years can turn small investments into big returns. The longer you will be able to untouched the retirement portfolio, the more return you will get on your investment.

  6. Evaluate Appropriate Risk Levels No risk, no gain. It is true in the case of the investments too. However, you will not like to take a big risk with your retirement plans. However, investing is personal and you must consider your financial picture.

  7. Increase The Social Security Income The social security income will increase as much as you can hold it. If you are holding the social security up to 66years instead of 62, there will be a 25% more benefit per month. Waiting longer implies a larger lifetime payout, but not everyone can manage to take it later. Therefore, try to hold the social securities as much as possible.

  8. Team Up With A Financial Planner Planning financial needs for retirement is not that easy thing to do. It is better to contact a financial planner who can help you with these. From providing objective financial advice to budgeting, and creating lifetime income, the financial planner Santa Monica can help you in all the things.

  9. Thank You To know more please https://jarrarcpa.com

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