Don’t take your retirement into your own hands. At Black Harbor Wealth Management, we take retirement planning in Seneca seriously. That is why we take the time to understand all of your needs, preferences and goals. We strive to develop a strategy that will benefit you and your financial well-being. Let us secure your future with these secrets of successful retirement.
- Build Wealth
- People who save enough money for a secure retirement often start saving at an early age and save consistently throughout their career. It also helps to avoid taxes and fees whenever possible.
- Start Saving At Your First Job
- Beginning to save for retirement in your 20s and 30s allows you to start generating valuable interest that will accumulate over decades. Putting away even a small amount will get you into the habit of saving for the future.
- Save With Every Paycheck
- Set up a direct deposit from your paycheck to a 401(k), IRA, or taxable investment account, and learn to live on your remaining paycheck. If you make saving automatic, you won’t be tempted to spend it or forget to make a contribution.
- Boost Your Contributions
- As your income grows, increase the amount you put into your savings accounts. Also save a portion of extra income such as bonuses or tax refunds. Some 401(k) plans offer automatic escalation, which will gradually increase your contribution amount over time.
- Get Your Employer To Contribute
- A 401(k) match or other retirement account contribution from your employer is likely to be the best possible return you can get on an investment. If your employer chips in fifty cents for every dollar you contribute, that is a fifty percent return.
- Claim Retirement Saving Tax Breaks
- Retirement savers can get a tax deduction for traditional 401(k) and IRA contributions or tax-free growth using after tax Roth accounts. Low-income retirement savers can even get a 401(k) or IRA match from the federal government through the saver’s tax credit.
- Keep Expense Ratios Low
- High expense ratios mean a big chunk of your returns is going into someone else’s pocket instead of growing your wealth. If you choose funds with low expenses, your money will grow faster.
- Avoid Fees
- Retirement and investment accounts often charge fees for trades, early withdrawals, failing to take withdrawals correctly, and other specific actions you might take. Get to know the rules so you can avoid triggering fees and penalties.
- Combat Inflation
- Some ways to make sure your purchasing power keeps up with inflation include keeping some money in the stock market, investing in real estate, continuing to work part time at current wage levels,and maximizing your inflation-adjusted Social Security checks.
We understand that all of this information can be overwhelming and stressful but rest assured that you are not alone when it comes to your future. Our financial advisors are professionally trained and ready to assist you in the development of your financial plan so don’t hesitate and call us today.