Planning Your Retirement Savings: A Comprehensive Approach

Determining how much you need to save for retirement is a complex question with no single answer. Your ideal retirement savings depend on various factors unique to your situation.

Retirement Savings

Defining Your Retirement

First, consider what retirement means to you. For some, it's a complete cessation of work, while for others, it might involve a career change, part-time work, or starting a new business. Your vision of retirement will significantly influence your financial needs.

Key questions to ask yourself include:

• What age do you plan to retire?

• Are you open to working part-time in retirement?

• What kind of lifestyle do you envision? A modest lifestyle, such as spending time on hobbies at home, will have different costs than extensive travel or pursuing new ventures.

• How long do you anticipate your retirement lasting? While an unknown, considering average life expectancies can help in planning.

Assessing Your Current Resources and Savings Strategy

Your current financial situation and employer-sponsored plans play a crucial role.

• Do you have an employer-sponsored retirement plan, such as a 401(k) or 403(b)?

• Do you have a pension plan?

• When did you start saving? Generally, the earlier you begin saving, the less you may need to contribute monthly to reach your goals due to the power of compounding.

The Importance of Ongoing Monitoring

Your retirement plan isn't a one-time setup. Life events such as marriage, career changes, or unexpected expenses can alter your financial goals and require adjustments to your savings strategy. Regularly monitoring and adapting your plan is essential to stay on track.

The Limitations of Online Tools

While numerous free online retirement calculators and tools are available, they can often oversimplify the process. Designed for ease of use, these tools may not capture the nuances of your financial situation, leading to recommendations that are not fully tailored or, more importantly, are not implemented effectively.

The Value of Professional Financial Guidance

For a truly personalized and actionable retirement savings plan, engaging a qualified financial planner is highly recommended. Many financial planners offer one-time retirement planning services, typically ranging from $500 to $1500.

A comprehensive retirement plan from a financial professional will generally include:

• Specific savings targets to help you achieve your retirement goals.

• Recommendations on which types of accounts (e.g., Roth IRA, traditional IRA, brokerage accounts) are best suited for your contributions.

• Guidance on how to invest your contributions based on your risk tolerance and time horizon.

Furthermore, a good financial planner will follow up to ensure you've implemented their recommendations, such as adjusting your employer's salary reduction agreement or managing your investment allocations.

If you're unsure whether you're saving enough for retirement or want a clear roadmap to your financial future, fill out the Contact Us form on SynergyWM.net, and we will contact you about a one-time retirement plan.

Disclosure.

Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor. Stratos Wealth Advisors and Synergy Wealth Management are separate entities. Stratos or Synergy Wealth Management does not provide tax or legal services. Please consult legal or tax professionals for specific information regarding your individual situation.

Content in this material is intended for general information purposes only and should not be construed as specific investment advice or recommendations for any individual.  Please contact your advisor with any questions or for specific recommendations regarding yourown circumstances. Investing involves risks including possible loss of principal. There can be no assurance that a specific strategy will yield a profitable result or protect against losses.