Basic Retirement Guidelines

June 21, 2017

Social Security newspaper headlinesHere are six basic guidelines to keep in mind when developing your personal retirement strategy.

Guideline #1Pay Yourself First. Establish a dollar amount you can save comfortably every month. Always remember, you are entitled to keep a portion of what you earn.

Guideline #2: Don’t Bank on Your House for Retirement Income. A house is primarily a home… not an investment for your retirement. While you may eventually trade down when you retire, consider the equity in your home an emergency reserve, not a primary source of income.

Guideline #3One Good Place to Save for Retirement Is a Company Retirement Plan. Remember to consider other tax-advantaged savings vehicles as well.

Guideline #4Make Retirement Your First Savings. If your disposable income is limited, save money in your retirement plan before funding long-term goals such as your child’s college education. Remember, your retirement is the largest expense you’ll ever have to fund.

Guideline #5Avoid Taking a Retirement Plan Distribution before Retirement. Transfer your plan’s savings to an IRA or a new company retirement plan if you change jobs. Don’t consider withdrawing money until you’ve exhausted all other possibilities.

Guideline #6: The Best Time to Start Saving for Your Retirement Is Right Now. Accumulating enough money to retire comfortably takes time.

 

*Securities offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. ENB Money Management is a trade name of the bank. Infinex and the bank are not affiliated.

NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • NOT FEDERAL GOVERNMENT AGENCY INSURED • MAY LOSE VALUE

 

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