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10 Tips for Saving for Retirement, PART 1
No matter your age or income, just about everyone can benefit from these retirement savings tips.
1. Retirement Planning for Solana Beach Residents: Start now It’s a simple fact that the earlier you begin saving for retirement, the more time your money has to earn interest and grow. If you’ve put off saving until your 30s or later, make up for lost time now by stashing away 10 to 15 percent of your salary.
2. Financial Planning for Solana Beach Residents: Plan your retirement needs If you want to retire at 55 and travel the globe or work for as long as you can but stick close to home, how much money you need to retire is unique to you. Rather than relying on figures that suggest you’ll need 80 percent of your preretirement income to live comfortably later in life, talk with your spouse and Solana Beach financial planner to settle on an amount to save that’s tailored to you.
3. Retirement Planning for Solana Beach Residents: Learn about and contribute to your employer’s plan If your employer offers a tax-sheltered plan, contribute at least enough to get the employer match. Your employer can provide you with a summary plan description, which recaps your plan and vesting eligibility, as well as an individual benefits statement.
4. Financial Planning for Solana Beach Residents: Consider saving “on the side” If you don’t have access to an employer-based plan, contributing to a traditional or Roth IRA allows you to get similar tax benefits for your retirement savings. Even if you do contribute to an employer-based plan, an IRA can supplement those savings.
5. Retirement Planning for Solana Beach Residents: Make saving as easy as possible Eliminate the need to move money from one account to another by setting a monthly savings goal and automating a deposit to that amount. By making savings routine, you are more likely to see your retirement nest egg grow. To help boost your regular savings, funnel any extra cash windfalls, such as from a bonus or inheritance, directly to your retirement savings.
Retirement Advice for Solana Beach Residents, PART 2
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 wealthy upper class community in California and a spectacular seaside resort town – is a general law city in San Diego County, California, which is run by a Council/Manager government. On average, the city experiences hot dry summers and cooler winters, making for the ideal beach weather for residents. Historically, Solana Beach was inhabited first by the Holocen and San Dieguitos communities and has grown considerably to what it is today. In 2010, Solana Beach was estimated to have a population of 12,867 people, according to the U.S. Census Bureau. Solana Beaches’ Cedros Design District boasts numerous antique stores, cafes and art galleries, making it a popular tourist attraction. Another hot spot on the city’s radar is its beaches, which include Seaside, Fletcher Cove and Tide Beach, to name but a few.