Retirement Planning Services
Retirement Planning Services in Dayton,Ohio provided by Essex and Associates
Essex and Associates provides retirement planning services in Dayton,Ohio and the Miami Valley to help their clients prepare for a comfortable living in the golden years of their lives.
Retirement planning is an ongoing, lifelong process that takes decades of commitment in order to receive the final payoff.
The idea of accumulating hundreds of thousands of dollars in a retirement nest egg certainly can seem intimidating.
However, with some professional help and a commitment to a feasible plan, it's not difficult to achieve.
Our firm has helped scores of people along their way to successful retirement planning.
Retirement planning is at a critical juncture in our country.
The current social security system is unsustainable.
It is therefore imperative that independent retirement planning occurs.
Even if social security is there is some format, it is economically
impossible for it to pay the required financial needs of your retirement.
It will not be a surprise to most economists that the government would have to suspend social security benefits in the future.
It is imperative that you do independent retirement planning.
It is not the government’s responsibility to do our retirement planning.
It is our responsibility.
The sooner you start and the sharper retirement planners you work with
will determine your eventual retirement results.
Retirement planning is just that, it is a plan.
How much money you'll need to save for retirement will depend on your desired standard of living, your expenses and your target
To determine the retirement options, you'll need to go through the following eight step process:
1) Decide the age at which you want to retire.
2) Decide the annual income you'll need for your retirement years.
3) Add up the current market value of all your savings and investments.
4) Determine a realistic real rate of return for your investments.
5) Obtain an estimate of the value of your company pension plan.
6) Estimate the value of your social security benefits (if there will be any)
7) Assume that an annual inflation rate of 4% that will erode the value of your investments and adjust your savings plan accordingly to provide yourself with a margin of safety.
And last, Determine retirement income.
Income during retirement may come from the following sources:
Employment income, Social security, Employer-sponsored retirement plans, Savings and investments, determine other sources of funds,
including inheritance money, prizes and, gifts, raises, bonuses and real estate.
There are several investment options that can be used to achieve your retirement savings goals.
These include, but are not limited to, governments-sponsored vehicles
(IRAs, 401(k)s, etc.), company pension plans, other products such as annuities and life insurance.
Beginning to save for retirement at an early age is one of the biggest factors in ensuring success.
The power of compounding also works with taxes – using tax-deferred
investment vehicles can help you to maximize your rate of savings.
Our firm is very adept at combining investment choices with the best tax savings strategies.
Asset allocation is a key factor in building any successful portfolio.
The assets you choose will depend on your risk tolerance and investment time horizon.
Consideration should also go to some non traditional forms of investment i.e. precious metals, collectibles, etc.
Diversification will help you to reduce the amount of risk in your
portfolio, increasing the chances that you'll reach your retirement savings goals.
A very simple financial trick to have all the money you want is to…
1) Save 10% of your net income
2) Give God his due.
3) Do not use credit cards.
Doing these three things will accomplish what many retirement planners spend hours explaining and charge you tens of thousands of dollars to do.
Make saving a priority by setting up automatic payments from your checking account to your retirement savings account; make the maximum salary deferral contribution to your employer-sponsored retirement plan and work aggressively to pay down large debts that can reduce your saving rate.
Finally, make a household budget to ensure that you are contributing as much as possible to saving for retirement and aim to reduce unnecessary expenses.
To make sure your golden years will be everthing you hoped they would be, take advantage of the retirement planning services Dayton,Ohio turns to for all their retirement planning needs, at Essex and Associates.
You'll be glad you did!