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Avoid Making Retirement Planning Mistakes

Press Release from Wealthcare Financial Group, Inc.

At all costs, major  retirement planning mistakes  can and should be avoided just like Caffeine. Caffeine? Yes, caffeine! Hang in there with me for a minute and you will understand what I’m talking about. When done properly, the process of  retirement financial planning  should greatly reduce the potential for costly mistakes during retirement.

As a veteran in the wealth management industry for more than 20 years, I have witnessed numerous financial mistakes that retirees have made. Usually however, many of the mistakes are actually made  before  someone retires.

 

Just this morning I received an email from a 19 year old who stated that he is ready to begin saving for his future. My initial reaction was to commend him for having a genuine concern about saving for retirement at the young age of 19.

My response to this young man went something like this…

Greetings! I am happy to learn that you are interested in getting off to an excellent start with your personal finances. I believe that the best place for you to begin is by establishing a Roth IRA for yourself.

 

With a Roth, you can contribute up to $5,500 per year with tax deferred growth potential. By the time you reach age 59 1/2, you can begin withdrawing from the funds that you have saved over the previous 40 years tax free!

Below is an example of how saving $458.33 per month ($5,500 per year) could potentially grow if you receive 8% interest, annual compounding for 40 years.

  • Current Principal: $5,500

  • Monthly Addition: $458.33

  • Years to Grow: 40

  • Interest Rate: 8%

  • Compound Interest: 1 time(s) per year

  • Future Value $1,544,285.36

Hopefully, you get big picture of what saving on a consistent basis could mean for your future, financially. Thanks for your question!

https://www.answersaboutwealth.com/avoid-making-retirement-planning-mistakes/

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