Dependable Retirement Planning Advisors

Richardson Retirement Planning

Richardson retirement planning is easier if you have some idea of how much you will need for a secure financial future. For Richardson residents, the first step to financial freedom is pulling out a calculator. It may not be a sexy way to start, but it is a prudent one, financial experts advise.

Estimate Your Needs

As you begin your Richardson retirement planning, you must first decide what kind of life you desire. Do you want to travel? Do you plan to sell your home in Richardson and move to another state or another city? Do you plan to stay in Richardson and finally get the chance to garden or take classes at a Texas university or golf to your heart's content?

Once you figure out what kind of life you want once you retire, the next step is to determine if you are on the right track to ensuring you have the funds in place to achieve your goals. Most Americans, including TX residents, need about 70 percent of their current income to maintain their standard of Texas retirement living, according to the American Savings Education Council, so your first calculation is to determine that figure.

The second calculation is to estimate how much you expect to receive from Social Security. The federal agency sends out a statement each year around your birthday that delinates your estimated benefits. As part of your Richardson retirement planning, realize that these benefits can change as your circumstances change. If you get a raise, the benefits will increase. Downsized? Unless you have time to make them up, the benefits may decrease.

The size of your monthly Social Security check also will depend on when you begin drawing your benefits. If you take your first check at 62, the earliest allowable age, it's going to be smaller than if you waited until you are 67. An added advantage to waiting to take your benefits is that you have more years in the TX workforce to increase your savings.

Next, subtract your estimated Social Security benefits from the 70 percent figure you arrived at in Step One. This is how much you need to make up for with your other savings vehicles in your Richardson retirement planning. But you need one more calculation to get a clearer picture of how much you really need to put away as part of your Richardson retirement planning.

You must estimate how long you expect to be retired. Most Americans, including TX residents, spend about 20 years in retirement, according to officials with the U.S. Department of Labor. However, our life expectancies are increasing, which means we may need to put more in savings to ensure a lifetime of financial security. To determine this amount, RIchardson residents need to multiply the shortfall you reached after subtracting Social Security benefits from the needed income by the number of years you estimate you'll be retired.

Take that number and divide it by the number of years you have to go until you retire. That's the number you need to save every year to achieve your goals in your Richardson retirement planning. Obviously the more years you have until you retire, the better, but it's never too late to start planning.

Boost Your Savings

You can boost your Richardson retirement savings in a number of ways: Contribute to an IRA; participate in your Texas company's retirement plan, be it a pension plan, 401(k), or profit-sharing plan; or make your own investments in stocks, bonds, and mutual funds.

Whichever way you decide to go in your Richardson retirement planning, you'll want to keep on top of your planning. As circumstances in your life change, so will your Richardson retirement planning. Got a raise? Funnel that money into your savings, experts say. Put money away for a rainy day so you don't have to dip into your retirement savings when a crisis occurs. As you get older, move your investments to less risky options to ensure that your nest egg is safe.

Planning for Success

While these calculations may seem time-consuming and a bit confusing, it's well worth the effort. According to the U.S. Department of Labor, fewer than half of Americans have calculated how much they need to save for when they retire. Those who do, Labor officials say, usually change their planning to ensure they are on track.

To help with your Richardson retirement planning, consider finding a professional financial consultant who specializes in retirement planning. It's critical that this professional is someone you are comfortable with, as they will, literally, hold your future in their hands, Labor officials say. This person is an essential member of the team who can help you in planning a lifetime of financial security so that you can live out your dreams of traveling or puttering in your Richardson garden.

What do you need help with?
Which advisory services are you looking for?
Retirement Planning Portfolio Management
Estate Planning Education Planning
401K Rollover  
What is the approximate value of your portfolio?
First Name Last Name
Email Zip Code
Primary phone
Details or comments  (highly suggested)

Find an Advisor

Please wait...

Retirement Planners In Richardson

Justin Farris
Justin Farris
14800 Quorum Drive
suite 360
Dallas, TX 75254

Justin Gedlen CFP, CRC
Justin Gedlen CFP, CRC
14135 Midway Rd
Suite G 100
Addison, TX 75001

John Kvale, CFA, CFP
John Kvale, CFA, CFP
8222 Douglas Avenue
Suite 590
Dallas, TX 75225

Mike Kurz
Mike Kurz
6136 Frisco Square Blvd, Suite 400 #1099
Frisco, TX 75034

Jeffrey M. Garton
Jeffrey M. Garton
6401 Eldorado Pkwy. #226
McKinney, TX 75070

© 2019   Retirement Planning   All Rights Reserved. All other trademarks and copyrights are the property of their respective holders.
This website provides information related to the subjects covered. Before making any financial or legal decisions, a professional should be consulted.