Dependable Retirement Planning Advisors

Bristol Retirement Planning

Approximately one third of all CT adults aged 55 or older do not have sufficient funds in a Bristol retirement planning account. As a matter of fact, there is an overwhelming amount of people in this age category that don't have any money in and haven't even opened up a Connecticut retirement planning account. If you are one of these thirty percent, you might be a little frightened about your future prospects. While you should still be concerned, do not get discouraged and think that it is still too late to begin planning for your Bristol retirement. It will not be as easy as it would have been had you started earlier, but there are still some things you can do to help prepare yourself to be financially self sufficient when you retire.

First, Open an Account

The first thing you need to do is open an account. Most people can do this through their Connecticut employers, and this is probably the simplest way for you to get started. Contact your human resources department or your benefits department immediately and open a Bristol retirement planning account.

If your CT employer does not provide this benefit, there are other types of Bristol retirement planning accounts besides the employer sponsored ones that you can open and begin contributing to. Contact a Bristol financial advice firm and make an appointment to discuss Bristol retirement planning with them. Most of the time the consultation is free, and typically the fees to manage and maintain a Bristol retirement planning account are relatively low. Make the call and get started right away.

You Need to Contribute More

The next thing that is important for you to understand when it comes to Bristol retirement planning for people over 50 is that you are going to have to contribute more of your Bristol income toward your account in order to ensure you are able to retire. This figure will of course vary, depending on your income. If you make more, you will have to contribute more.

The reason for this is that the more money you are accustomed to having, the more you will need. Any person that is earning an annual income of Forty to Fifty Thousand Dollars must contribute around thirty percent of their annual salary to their Bristol account (This works out to be around ten to fifteen thousand dollars a year). A person who makes eighty to one hundred thousand dollars per year will need to contribute around forty percent of their yearly income, which is around twenty-five to thirty thousand dollars a year). As you can see, you have a lot of making up to do when it comes to planning for your retirement.

Put it Off Another 5 Years

So you have looked at the numbers above and now that the initial shock has worn off you would like to be more pragmatic. Clearly few people in Bristol or anywhere can do without that large of a chunk of money to set aside in a Bristol retirement planning account. So, what else can be done in order to help you prepare? How can you ensure you are not working for the rest of your life without having to live like a pauper right now?

One way you can handle this is to give yourself more time. For most people the magic age for retiring in Bristol is sixty five. The reason for this is mainly only because Social Security benefits tend to hit their maximum payout at around this age. However, if you put your retirement off for as little as another five years, you can have that much more time to be planning.

For example, the longer you are earning money, the longer you can be contributing to a Connecticut retirement planning account. More time means more money. Additionally, since Bristol retirement planning accounts are based on investing and earning dividends, waiting to retire until your seventy will give your account that much more time to grow. While it may not be the most appealing thought for you to stick around and work another 5 years, the benefits really do highly outweigh the drawbacks in this case.

In addition to the above, those extra five years can significantly lessen the percentage of your salary that you have to set aside for your CT retirement planning. For example, you could go from needing to scrape together thirty percent of your income all the way down to fifteen percent. While 15% is still quite a hefty amount, it is far less daunting than the 30% figure. If you are extra frugal and really scrimp and save, you can most likely save close to or all this percentage in a Bristol retirement planning account.

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Retirement Planners In Bristol

Beth London
Beth London
74 Batterson Park Road
2nd Floor
Farmington, CT 06032

Douglas A. Kartsen, CFA
Douglas A. Kartsen, CFA
11 Wintergreen Ln
Avon, CT 06001

Sam Chang CFA®
Sam Chang CFA®
71 Raymond Road
West Hartford, CT 06107

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