Dependable Retirement Planning Advisors

Layton Retirement Planning

There is a lot that goes into Layton retirement planning. There are those of us out there that feel that all they need to do is put a bit of money into a Utah retirement planning account every month and they are good to go. This is not the case. There are in fact several other steps that need to go into your Layton retirement planning in order to make it successful.

Get Yourself on a Budget

When you retire, you will need to budget your Layton retirement planning funds, or they will not last you through the rest of your life. In order to prepare yourself to live on a Layton budget when you retire, you should put yourself on one now. Your budget doesn't have to be elaborate, or even involve a lot of work on your part. There are plenty of online resources that can help you, and there are even some computer programs that have built in budget worksheets and or planners.

However, if you have never set a Layton budget for yourself, there are some ground rules to keep in mind. First, make a list of all your monthly bills or regular expenses. These would be set expenses such as your Layton electricity or gas bills. You would also want to add your monthly contribution to your UT retirement planning account. Once you have this list, take a long hard look at what these expenses are. Evaluate whether or not you need to make them. All of us have guilty pleasures, and while it's just fine to indulge in one or two of them make sure you are not doing so at the expense of your Layton retirement planning.

The next thing you need to do is determine how much money you have left over after you have paid all your regular expenses. This is the amount you will divide up for other expenses such as food, gas, and fun. Be sure to leave a little to put away in a Layton savings account. Once you have evaluated all of your costs and expenses, see if you can't move some things around and free up a little more money to add to your current Layton retirement planning contribution.

Now, Eliminate Debt

The next step in your Layton retirement planning is to chisel away at that debt. All of us have debt, and whether we incurred it doing something necessary like attending school or just having fun, it is imperative to your Utah retirement planning that you begin taking steps towards living debt free. If you had extra funds in your Layton budget and you have debt you should be using that to knock each and every one of your debts out of the way.

Pay off each debt one at a time. This will help you stay focused and achieve your goal. Also, you should not be incurring any more debt if you can at all avoid it. Once you have paid off one debt, roll over the entire amount you were contributing to the next debt and begin paying it off. Do this for each debt until all you have left is your mortgage.

The next step in your Layton retirement planning should be to work towards paying off your mortgage. Your UT retirement planning funds will go a lot farther when you retire if you do not have the extra expense of a mortgage hanging over your head. When you have eliminated all your debt, you can easily pay down your Layton mortgage early if you take the funds you were putting toward the debt and use it as extra in your mortgage payments. Be sure to indicate on your payment that the overage is meant to go toward the principle amount or you will not be as successful in your endeavor.

Focus on Investing

Finally, the next important step to your Layton retirement planning is to have a proactive role in your investment elections. Every Utah retirement planning account has a portfolio of investment options and you need to not only be aware of those available to you, but which ones are the best for your particular needs. The best rule of thumb is to be less aggressive as you age. This will ensure that your UT retirement planning account remains stable as you get closer to your time to retire.

In addition to having the right combination of aggressive, moderate and conservative investments, you also need to make sure that you are following your portfolio regularly. Make sure that it is performing to your advantage and if not, you will need to make adjustments to your Layton retirement planning investments in order to ensure you have the funds you need.

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Retirement Planners In Layton

Kerry Severn
Kerry Severn
240 E Promontory
Suite 200
Farmington, UT 84025

Richard  Janke, CFP
Richard Janke, CFP
3115 E. Lion Lane STE 250
Salt Lake City, UT 84121

Todd Hillstead
Todd Hillstead
2825 East Cottonwood Parkway
Suite 460
Salt Lake City, UT 84121

Mike Johnson
Mike Johnson
770 East Main Street Suite 310
Lehi, UT 84043

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