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A Golden Plan: How To Prepare For Retirement
Retirement is typically the phase of life referred to as a person’s “Golden Years,” but if you haven’t been stashing your money away those years may not be so golden. With so many options floating around for retirement, how can you really know which type of retirement plan is best for you? We’re here to give you a crash-course in the options you should consider at different phases of life, so you can create your own golden plan for retirement.
20-29 Years Old
Welcome to the adult world! When you’re just starting out, it can be very overwhelming trying to sort out finances for the future. You’re probably asking yourself questions like What is a 401(k)? What the heck is an IRA? Tax brackets? You’re in one of those? Who’s FICA and why is he getting all my money? No need to call mom - we’ve got you covered. Here are some options to consider:
30-39 Years Old
You’ve been at this whole adult thing for a while now. You can now confidently explain to those young little 20-somethings how to be financially stable…then BAM! Marriage, kids, aging parents, college funds, oh my! It’s time for your finances to change - and your retirement savings plan.
40-49 Years Old
Now you’ve definitely gotten the hang of things - financially at least. You may be dealing with teenagers now and college is a looming expense just waiting to happen. But your 40s are your peak earning years, and by now most of your debts are probably paid off. Retirement is something that isn’t as far away as it once was, but you’ve still got some saving to do:
50-59 Years Old
Retirement is looming, and you’re at a point where you need to seriously look at how much you’ve saved over the last few decades. Now that the kids are (mostly) off your payroll, you can use that extra income to invest in your future.
60+ Years Old
It’s been a long road, but you’ve finally made it to the Golden Years! Don’t be in such a rush to cash out just yet, though. There are still a few things you need to keep in mind when it comes to withdrawing from your retirement accounts:
A Few Last-Minute Tips
No matter what your age or stage of life, investing in retirement is one of the most important things you can do to secure your future. You want to make sure the retirement nest egg you’re nurturing is golden, not rotten later down the road:
- Review your budget annually, and again if you get a pay cut/raise to be sure you’re doing what’s best for you.
- Set up automatic withdrawals from your paycheck - you can’t spend what you never had, right?
- Read the fine print for any plans you’re considering, and reach out to your HR manager if something isn’t clear to you.
Remember, this timeline is meant to provide information for setting your retirement goals - but ultimately you should meet with a financial advisor to determine what’s best for your financial future.
How aps can help
APS has a mission: to make payroll and HR easier. We provide our clients and partners with intuitive technology delivered with personalized service and support. Our unified solution is designed to simplify workforce management tasks. Process payroll in hours, not days. Automate HR workflows to be more strategic. Elevate the employee lifecycle with a single-system platform. We are APS, your workforce partner.
Businesses choose APS as their workforce partner because of our focus on the customer experience. As a result, we continually maintain 98% customer retention and satisfaction rates.
For more information on how we can help make payroll and HR easier for your business, please visit www.apspayroll.com or call 855-495-7921
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