OPINION: If you don’t have the time or the desire to figure out your retirement saving plan, consider working with a fee-only financial planner. These professionals can provide holistic advice to address every aspect of your financial life.
If you’re like millions of Americans who have retired or are approaching retirement, you may be losing sleep over your financial security. The cost of everything from gas to groceries is rising and with the Federal Reserve raising interest rates to stifle inflation, bond prices have plummeted and the stock market is experiencing wild gyrations.
But if you’re already saving for retirement at work, these changes aren’t particularly revolutionary. So, how will retire savers benefit? If you’re between the ages of 62 to 64, you’ll be able to add up to $10,000 in annual “catch-up” contributions. Outside this age range, your catch-up provision will cap at $6,500 in 2022.
It’s your job to determine how much money you’ll need to live on during retirement, estimate where that money will come from, and how much you’ll need to withdraw from your retirement accounts each year. So, you’re better off overestimating than underestimating how much money you’ll need. There are many free and low-cost tools that can help you with this. For example, Bloom can help you make better decisions with your retirement plans; You Need A Budget helps you prioritize everyday expenses and become more purposeful about your spending.
3. How much of your nest egg will you have to spend each year? Estimate how much money you’ll need to withdraw from your nest egg each year, both in terms of dollar amounts and as a percentage of your savings.
The more you contribute, the more you’ll benefit from company matching contributions. The more money you have in your account, the more you’ll be able to take advantage of the tax-deferred growth potential of a diversified portfolio of stock and bond investments.
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