Consider Multiple Factors When Creating Retirement Plans
When you create your financial and investment strategies for retirement, what factors should you consider?
For starters, your retirement age is a key component. If you want to retire early, you may need to save and invest more aggressively than you would if you planned to work well past typical retirement age.
You’ll also need to consider your retirement activities. Will you travel the world, or will you stay close to home and pursue your hobbies? The lifestyle you choose will affect how much you need to accumulate before you retire.
Finally, you may not want to retire at all, but rather start a second career. If you follow this route, you might be able to afford to withdraw less from your retirement accounts – and you may even be able to continue contributing to them.
As you can see, your retirement goals can affect your investment strategy – and vice versa. So think carefully about what you want to accomplish, and plan ahead. It takes time and effort to achieve a successful retirement – but it’s worth it.
This is Kimber Smith, your Edward Jones financial advisor
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