Three things to do now.
Know Your Numbers
In order to retire well, you need to know your own expectations. How much do you anticipate needing to retire? Once you know this goal number, look at your current retirement savings balance and determine if you are on target.
Once you determine whether or not you are on target to hit your goal, you may need to make adjustments. If, like many people you are falling short, you can look to increase your contributions, review your investment options , or consider making lifestyle changes that would require less income, both now and in retirement. If you are on target, congratulations!
Recognize Your Limits
Life happens, bills pop up, and we may want to take care of others first. But try not to consider early distributions or loans against your retirement savings as they will only set you further back from your goal. It’s best to build up cash outside your retirement savings to offset short-term expenses. When it comes to retirement savings, you have to prioritize to meet your goal.
Don’t look at your retirement account as a short-term financial safety net—it is your long-term retirement plan.
Click here to learn more about the AGFinancial Retirement Plan.