Savannah Retirement Planning
Savannah retirement planning is the key to making your money grow before you retire. Retirement planning is also essential for making your money last after you've stopped working. Retirement planning is a process that can change over time, depending on your needs and goals. In the historic community of Savannah, where residents place a priority on enjoying life at a relaxed pace, the years after you've concluded your career can be both comfortable and rewarding.
When you're young and actively working, you may dream of retiring early to travel around the world. However, as your life progresses, you may start a career that's so engaging that you don't want to stop working when you planned. You may also encounter setbacks, such as the loss of a job or a divorce, that prevent you from retiring until much later. With the help of a Savannah retirement planning professional, you may be able to avoid obstacles that interfere with your Georgia retirement goals.
Retirement and Your Employer
One of the primary goals of Savannah retirement planning is to ensure that you have enough funds saved to last for the rest of your life after you retire. The savings accounts you establish through your employer in Savannah may represent your most significant sources of income when you're no longer collecting a salary. As pensions become less common, 401k plans and IRAs, or individual retirement accounts, have gradually taken their place as tax-deferred savings and investment vehicles.
If you work for one of Savannah's corporations or tourist organizations, you may have a 401k plan through your employer. Many Georgia employers will match their employees' contributions to a 401k account up to a certain percentage, which can increase the value of your savings over the years. However, in today's economy, most GA residents will have several employers over the course of a lifetime. A 401k plan is a portable account that you can generally roll over as you transfer from one job to another.
If you're self-employed in Savannah, you have several options available to meet your Savannah retirement planning goals. A financial advisor can provide advice on whether a SEP IRA, Keogh plan or traditional IRA is the best solution for you. All of these tax-deferred accounts offer advantages to self-employed professionals in Georgia. Once you've identified the accounts that meet your needs, schedule regular contributions so that you can make steady progress towards your targets.
Making Your Savings Last
Along with the Social Security benefits that you'll receive when you reach your senior years, your personal savings funds will represent the majority of your income after you retire. If you're planning to retire in your mid-sixties, your funds may need to last for twenty or more years. With the life expectancy of most Americans increasing, many retirees in GA are concerned that they'll run out of savings. A Savannah retirement planning specialist can help you form a projection of how much money you'll need to sustain a comfortable lifestyle.
As you're planning your sources of income for the future, consider a variety of financial options in addition to the standard 401k, 403b or IRA. Annuities -- saving and investment vehicles administered by GA insurance companies -- can provide a regular income after you've stopped working. Some Savannah professionals are planning to purchase an annuity with a portion of their 401k or IRA after they've retired, while others are contributing to one of these funds in anticipation of earning a payout from its interest earnings after they've retired.
Fixed rate annuities are generally guaranteed to appreciate at a steady rate over the years and may provide a stability that you won't find in more volatile investment accounts. However, investing in an annuity can be a complicated financial strategy. If you're planning to purchase an annuity, work with a Savannah retirement specialist to review the terms of these products before you make a commitment.
Your Savannah retirement planning time table may change as you approach the date that you've established for wrapping up your work life. After reviewing your resources with a Savannah retirement planning advisor, you may decide to continue working for a few more years in order to prolong the life of your funds. Many older adults are changing their Savannah retirement planning goals as they realize that they feel too vital and energetic to give up their careers -- or their steady salaries.
Savannah retirement planning strategies are unique to every individual. There's no single solution for saving or investing your income that will work for everyone. In the past, most working adults left their employers at age 65. These days, adults are working into their 70s, or leaving their former careers to start new ones. The possibilities are endless if you've planned your future with care.