The White Paper You MUST Read!
10 Tips for Saving for Retirement, PART 2
To read the first five tips from our asset management experts, click on the following link:
Retirement and Financial Planning Advice for Solana Beach, PART 1
6. Increase savings as you near retirement
Your income will likely rise with age and experience, so it makes sense to save more as you earn more. After age 50, you will also be eligible for catch-up contributions, which allow you to contribute beyond the set limit. For 401(k)s, you can contribute an extra $5,500, while for IRAs you can contribute an extra $1,000.
7. Asset Management Advice for Solana Beach: Be an active participant in your planAutomating your retirement savings and amount doesn’t mean you should “set it and forget it.” Examine your quarterly statements to ensure you are on track to meet your goals. Can you afford to contribute more? Are your investments still appropriate? Do you need to lower your exposure to risk? By taking active control now, you take control of creating the best retirement lifestyle possible.
8. Asset Management Advice for Solana Beach: Decide on your Social Security strategySocial Security benefits may be available at age 62, but up until age 70, your retirement benefit will increase by a fixed rate (based on your year of birth) each year you delay retirement. Waiting means you may be able to take advantage of some extra cash. If you are married, you may also be able to receive spousal benefits, which boost the amount you and your spouse receive in Social Security as a couple. To learn more, visit www.socialsecurity.gov.
9. Asset Management Advice for Solana Beach: Be a savvy investor
It’s important to be smart about not only the amount you save but also how you save. To help insulate against market swings, diversify your investments within sectors and across asset classes and geographic regions. The more intentional you are about where your assets are invested, the more secure you can feel about them.
10. Asset Management Advice for Solana Beach: Don’t touch your savings until retirement
Dipping into your retirement savings is a last resort. In addition to harsh penalties, you lose principal, which in turn depletes interest earnings and tax benefits. Also, if you switch jobs, rollover your retirement account rather than “cashing out.” Preserving your retirement savings may be difficult when funds are tight, but will benefit you when you truly need it most.
If you want to get started on your journey today or would like individualized investment/financial advice from LPL financial advisor, John Lohrenz, please contact JKL Wealth Management at:
Phone: (858) 535-1705
Fax: (858) 535-1701
Alternatively, fill out the Contact Form and we’ll get back to you shortly.
731 S. Hwy 101, Suite 2K, Solana Beach CA 92075
About Solana Beach, San Diego County
Solana Beach – a seaside resort town of sun, sand and surf – is nestled in San Diego County, within the state of California, in America. Located at 32°59′43″N, 117°15′37″W on the global map, Solana Beach is bordered by the Pacific Ocean to the west, Rancho Santa Fe to the east, and Del Mar to the south. This region made history when it implemented a smoking ban on its beaches in 2003, making it the first city in the U.S. to do so. In reference to politics, Solana Beach is situated in the 74th Assembly District and the 39th Senate District. Due to its top-notch restaurants, numerous shops and art galleries, white beaches and sunny hot weather, Solana Beach attracts many tourists annually.