Dependable Retirement Planning Advisors

San Antonio Retirement Planning

San Antonio retirement planning should start in your 20s, if possible. Starting early is really the best way to build a solid amount of savings for your Texas retirement. If you start early, compounding interest will work wonders in your savings account. Plus if you're young, you can make risky investments, which you should avoid in your later years. After all, you have more time, and therefore less to lose.

You've probably heard something about Social Security income during your later years, but to actually know what it means for you? Well, the truth is, it's hard to know what Social Security will look like at the time you're planning to retire. In fact, it's hard to know what it will look like in the next decade or even the next few years. So, while you certainly don't want to rely on Social Security income, and it's important to understand it during your San Antonio retirement planning,

Retirement Planning in Your 20s

Most 20-year-olds don't think much about saving up for their golden years. In your 20s, you may have student loans and debts, and you're only just beginning your career, so don't feel ready to start planning for old age.. However, this is the most important time to start saving money for your San Antonio, TX retirement. You can invest a very small amount of money at this stage of your life, and it will turn out to become the bulk of your savings account in your later years.

If you're young, try to avoid using expenses and low income as an excuse not to consider San Antonio retirement planning. There are almost always ways to put aside a small amount of money into a savings account. If that means you can only contribute $10 a month, $10 month is better than nothing. Even if you only manage to contribute a little money, it's better to put that into investments than under your mattress.

As long as you have a solid emergency fund, it's not a bad idea to go ahead and invest the rest of your income. After all, your money isn't doing any good if it's sitting idly. Again, San Antonio retirement planning probably doesn't seem like a priority right now (if you're in your 20s), but it's important to keep the future in perspective so you won't regret it later.

If you're not sure how to start planning your San Antonio retirement, you have a few options to consider. first of all, if your San Antonio employer offers a Texas 401(k), that can be a great way to start saving up. Some San Antonio, Texas companies also offer matching, and will contribute a percentage of what you contribute. This is basically like free money, and a great way to start planning your retirement.

If your San Antonio, TX company doesn't offer a 401(k), you may consider an IRA or Roth IRA. Roth IRAs are tax exempt. So, you will pay taxes on the income you put in now, but you won't need to pay taxes later. If you put income into a traditional IRA, you won't pay taxes on it now, but you'll pay taxes on the money when you withdraw it. A San Antonio retirement planning specialist can help you get started on saving money for your golden years, if you want help.

All About Social Security Benefits

The Social Security Act was first passed in 1935 by Roosevelt, who became the first president to work on behalf of the elderly. During the depression, many people had no financial security whatsoever, and there was a lot of poverty. The system has since received many amendments, as well as criticism and praise.

You will most likely be eligible to receive Social Security benefits when you retire, but that doesn't mean you can skip your San Antonio retirement planning. The amount you receive in Social Security benefits, will probably be less than half of the income you made during your lifetime. It was never meant to fully cover San Antonio retirement planning.

You can consider Social Security benefits as par of your San Antonio retirement planning, but your 401(k), IRA, and other investments should also be treated as cornerstones of your San Antonio, Texas retirement planning. You certainly can't rely on Social Security to cover all of your expenses.

Again, if you're concerned about your savings plan, you may want to meet with a San Antonio retirement planning specialist. He or she can help you create a smart savings plan. Also, you can get a better sense exactly how much you can count on Social Security, and how much of your own money you need to put away. It's never too early (and it's never too late) to start considering saving for your later years.

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Retirement Planners In San Antonio

Spencer Crow
Spencer Crow
555 E. Basse Road Suite 206
San Antonio, TX 78209

Scott Cash Thompson, CFP
Scott Cash Thompson, CFP
16170 Jones Maltsberger Rd. #102
San Antonio, TX 78247

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