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Preparing for Future Retirement

Whether you’re a few years or a few decades away from retirement, we can help you get a plan into action.

Questions? Ask a Citizen.

The path to planning your retirement starts here.

The steps below will help you prepare for future retirement

Contribute Throughout Your Career

An important way to prepare yourself for retirement is simply to start saving as much as you can, starting as early as you can.

Retirement may seem far away, but the more you can put away now, the more time your funds have time to potentially compound over time. Smart decisions today can help you prepare for a better retirement experience.

Set Your Retirement Goals

The first step of retirement planning is setting up a few key goals. Often this starts by asking yourself questions about how you see your retirement.

• What kind of lifestyle do you plan to have?
• Do you plan to relocate?
• What kind of leisure activities might you engage in?
• Do you hope to travel?

Really think about how you want to spend your retirement years. Imagine a life that makes you feel happy and fulfilled. The next step will be to figure out what kind of funds you’ll need to achieve your goals.

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Estimate Your Income Requirements

Now that you've envisioned your retirement years, the next step is to project what your expenses will be.

Factor in whether you'll still have a mortgage or other loans to pay off. Add in regular expenses like groceries, utilities, and insurance premiums. And remember, when you retire, you'll have more time for travel, dining out, and other leisure activities, so be sure to count those expenses. The goal is get an idea of what kind of income you will need.

Be as realistic as you can when you complete this exercise because your retirement income needs will be a big part of understanding how much you need to invest.

Once you figure out how much annual income you should need, you can subtract from that the amount you expect to get from Social Security. You can check your annual Social Security statement, or visit http://www.socialsecurity.gov/myaccount/to find out.

The remaining amount is what you'll want to plan to have available through your retirement investment assets.

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Make an Investment Plan

Come and meet with a Financial Consultant from Citizens Investment Services who can create your own Financial plan to see if you are on target.

Explore Your Investment Options

When planning to invest for your retirement, there are several options to choose from, depending on your situation.

  • Make the most of employer sponsored plans, like a 401(k)
  • Consider Individual Retirement Accounts (IRAs)
    • Traditional IRA
    • Roth IRA
  • Other saving/investment options

 

Talk to a Financial Consultant

If you’re serious about retirement planning, and would like help with the right strategy, just ask. By understanding your goals, current progress, and your timeline, one of our Financial Consultants from Citizens Investment Services can help you get a better understanding of which option or mix of options might be suited to your needs, as well as how much you should contribute to reach your retirement goals.

For your complementary financial review, call us at 1.800.242.2224.

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