“The most common mistakes people make when planning for their retirement income are:
- Not staying consistent
- Not planning for the long-term
- Not putting enough money aside
- Not taking the advice of a financial advisor
A professional keeps you on course and allows for changing strategies during volatile economic cycles.”
- Marciel J. Camacho
Retirement planning involves advance planning, evaluating your current financial standing, and envisioning your lifestyle after you leave the workforce. Starting early will help you to create an accumulation strategy to help ensure the desired retirement lifestyle.
At the heart of any retirement plan is the accounting for accumulating assets and their distribution. Although employer qualified 401(k)s, pension plans, IRAs, and Social Security have favorable tax incentives, they may not provide enough money to support your desired retirement lifestyle. By identifying your retirement gap, Lexington Financial can help you develop a strategy for personal savings invested outside the traditional retirement vehicle. This strategy may include investments in annuities, government securities, real estate, and other securities. The correct distribution method will help to ensure that your retirement lasts beyond your lifetime with minimal loss to taxation.
Ways to Save For Retirement
- Employer Plans
- Pension Plans
- Executive Compensation
- Social Security
- Savings Accounts