Dependable Retirement Planning Advisors

Janesville Retirement Planning

If you are aged 55 or older, you could be like almost half of the Wisconsin population your age that does not have enough money in their Janesville retirement planning account. Some people in your age group do not have anything saved in a Janesville retirement account, and are not even currently planning on doing this. None of these facts are a good thing, and if you fall into either of these two categories when it comes to your own Wisconsin retirement planning you must act immediately to begin correcting these matters.

Start With an Account

If you do not already have a Janesville retirement planning account, the first thing you should do is open one. You can do this through your place of business if you are a full time employee and this is an offered benefit. Discuss this with your immediate supervisor if you are not sure, and be sure to get the information you need as soon as possible. The longer you wait to open a WI retirement planning account, the worse off you will be.

If for whatever reason you do not have the option of handling your Janesville retirement planning account through your WI employer, you still need to open an account. You can do an internet search of local Janesville financial planners to get help. You can also go to your bank and they can assist you there. However you decide to handle it, you must get this Wisconsin retirement planning account opened today.

Now, Save Save Save

Once you have the Janesville retirement planning account open, the next thing to do is put money in it. The fact that you are so late in your endeavor makes this a crucial part. You must sit down and determine exactly how much you can afford to put into this Janesville account every pay period. The older you get, the more you must put in. It is very likely that depending on your age you should be investing anywhere from 30 to 50 percent of your income into WI retirement planning.

This is of course not an easy thing to do, but you should not lose heart. You can circumvent this to an extent by using other funds to pad your Janesville retirement planning account. If you have any CD's, bonds, regular Janesville savings accounts, etc you should dip into them as much as you can or at least as much as you are comfortable with and put these funds into your Janesville account. The more funds you can have in this account, the more investments that can be made on your behalf. More investments equals more growth potential for your account.

Wait Awhile to Retire

If you find that you can neither afford the large monthly Janesville retirement planning contribution amount as stated above, and you either don't have any other funds you can use or not enough to make it work, there is one other thing you can do. Obviously you cannot retire until you have saved up enough funds to support yourself for the rest of your life. So what is a good way to do this?

Well, the first thing you should do once your Janesville retirement planning account is open and contributions have begun is to determine what age you would like to retire at. Obviously if you are 55 the odds of you being financially set up enough to be able to retire at 60 are slim to none. This is ok, and can actually work in your favor.

While it would certainly be nice to retire at 60 years old, it might not be beneficial to you to do so. Social Security actually increases their payout amount the later you wait. They have a formula they use to figure out what your full retirement age is. Planning on waiting until you reach this age is a good idea for two reasons. First, you will get the full amount of your Social Security payouts, and secondly the money you are contributing to your Janesville retirement planning account will have more time to be invested and grow.

Another reason why it would be better to wait until you are older than 60 to retire has to do with life span. Everyone knows the older we get, the less time we will be around. This is a subject we don't always like to talk about, but it is true for our purposes hear. If you hold off for a few years you will not only get the benefit of more time to contribute to your Janesville account and more time for those contributions to grow, but you will also have fewer years in which your Janesville retirement planning account will have to support you.

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Retirement Planners In Janesville

Dean Hessler
Dean Hessler
2501 West Beltline Highway Suite 103
Madison, WI 53713

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