Dependable Retirement Planning Advisors

Pontiac Retirement Planning

When working out a budget for their Pontiac retirement planning contributions, they often start to really take a long hard look at their current living expenses. The reason for this is that Michigan retirement planning goals are based on affording yourself enough funds in your Pontiac retirement planning account to live on annually for the rest of your life. This amount is typically based on 70% of your current annual MI salary. However, there are ways you can reduce this need and if you have the right planning this can enable you to enter into your golden years earlier and with fewer funds than you may have originally calculated.

Cut Down Expenses Now

The best way to ensure that you will be able to live on less in your old age is to live on less now. Certainly we all have certain necessities that we have to spend money on, but there are plenty of Pontiac luxury items that we can easily do without. The first thing to do when trying to slim down your MI household's operating budget is to sit down and write one. There are some of us in the Pontiac area that already have done this, but there are others that haven't. Whether you already adhere to a Michigan budget or not, it is easier to see where you can cut if you have it all down on paper.

Additionally, sometimes people will sit down and set their Pontiac budget, and not revisit it regularly. This is not good planning, because things change. Pontiac incomes rarely stay the same year over year, and neither do expenses. If you do not already review and adjust your Michigan budget every 6 to 12 months, you need to do so (and for reasons other than to help you figure out your Pontiac retirement planning).

Once you have put your monthly spending down on paper, try and determine areas you can trim down or cut out altogether. For example, perhaps you budget for items you don't always get, such as new clothes or shoes. It might be better to put that amount into a Pontiac savings account (or split it between savings and a Pontiac retirement planning account). This way should you need to make such a purchase, you have the funds available to you, but in the meantime they are earning you extra money in the way of interest or MI retirement planning account dividends.

Additionally, take a look at your 'fun money'. Fun money is the amount of money you set aside (or just simply spend) every month on diversions. This could be those funds you use for going to the movies, having dinner out, taking the kids to amusement parks, and so on. Are there ways you can cut down that spending? For example, maybe you can go to a matinee and save a few dollars when seeing a movie. Many restaurants have discounted food or happy hour prices for those who dine earlier. Or perhaps you can simply choose one weekend per month where rather than going out, you stay home, cook your own dinner and watch something on the television. You would be surprised how one or a few of these simple changes will not only free up more funds that you can contribute to your Pontiac retirement planning account, but also teach you better budget planning for when you retire and need to really pay attention.

Delay a Few Years

Another way you can make more of less in regard to your Pontiac retirement planning is to retire later. The longer you wait to make withdrawals from your Pontiac retirement planning account, the longer the money in said account has to grow and earn. Additionally, the longer you wait to withdraw from your Pontiac retirement planning account the less time you will need to draw from it. This means you can get by with less investment amount in your Pontiac retirement planning account.

In addition to these, there is another benefit to waiting a few years longer to retire. Social Security allows you to begin obtaining payouts at the age of 62. However, the payout one receives at 62 is not the full amount that one can get. The reason for this is that Congress has set a full retirement age for people based on the year of their birth. The Social Security Administration has a retirement calculator that you can use to help you determine what your 'full' retirement age is, and this will be very beneficial when you are planning for your future. As you can see holding off a few more years can really make your Pontiac retirement planning funds stretch a lot farther and work better for you.

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Retirement Planners In Pontiac

Andrzej Mendela
Andrzej Mendela
201 West Big Beaver Road
Suite 950
Troy, MI 48084

Christopher Mollan
Christopher Mollan
31731 Northwestern Hwy.
Suite 151W
Farmington Hills, MI 48334

Todd Perry, CFP, CIMA, CPWA
Todd Perry, CFP, CIMA, CPWA
135 W North Street Ste 1
Brighton, MI 48116

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