Preparing to retire can seem scary, although it doesn’t have to be. Alexander Financial Services specializes in retirement planning by helping their clients be prepared to retire and live a full life after work. They take pride in helping people who have thought about their retirement planning as soon as they started working, as well as people who haven’t started saving for their retirement yet. We have found that the key to planning your retirement is starting as early as possible, that way you can adjust your plans as needed if unexpected things happen throughout your career. The certified financial advisors at Alexander Financial Services will help you put together a solid retirement plan that will ensure that you have a stress free retirement. Here are four advantages of planning for your retirement, according to the professionals at Alexander Financial Services:
- Take advantage of compounding interest – The earlier you begin planning and saving for retirement, the more you can reap the benefits of compounding interest. For example, if you invest $5,000 per year and work for 40 years, you could grow that sum potentially to over a million dollars with the help of compound interest (assuming 7% interest).
- Enjoy more tax benefits – In many cases, retirement plans offer tax benefits that many people are unaware of. While traditional IRA’s offer immediate tax benefits, you will have to pay taxes when you take out the money in retirement. A Roth IRA differs by offering you tax benefits later, giving you tax-free retirement savings.
- Enjoy independence during your retirement – Planning for your retirement is something to highly consider as it can alleviate stress during retirement and prevent reliance on family or government assistance. Being able to afford home care, assisted living, or being able to afford traveling after retirement may not seem important now, but it definitely will when the time comes to retire. Plan ahead now to live stress-free later!
- You could potentially retire sooner than you think – Along with all the benefits of planning ahead, the biggest of them is that you could potentially retire sooner than you expected. Starting to save in your 20’s is the most ideal way, but your retirement dreams can still be achieved if you wait until your 30’s or 40’s. No matter what age you are when you begin your savings, your advisor at Alexander Financial Services will help make sure you have a solid plan of action.
Alexander Financial Services Retirement Planning
If you choose to work with a financial advisor at Alexander Financial Services, we can help you better understand the benefits of retirement planning and how you can reach your goals. Contact the professionals at Alexander Financial Services today to get started on your retirement planning!
