How often do you think about retirement? And, what does your ideal retirement look like? There are a plethora of possible answers that may include traveling, community service and spending more time with family. All are great answers, and all require planning in advance.
Retirement should be a time to enjoy life, leverage the wisdom gained through decades of work, and celebrate the completion of a long career. If you’re young enough, it can be tempting to think you’ll have time to prepare for retirement later. Or as you progress in your career, it can become daunting to feel like you’re alone in making financial decisions today that can help you prepare for the retirement you want.
October is National Retirement Security Month, and it is an opportunity to take an inventory of your retirement planning – or to get started. A recent survey by Regions Next Step, which is Regions Bank’s free financial wellness program, found 65% of Americans are not confident they will save enough to retire comfortably.
Regions Bank is committed to providing solutions. Our Next Step program delivers free resources to help people set a path toward a successful retirement. For some, it is getting started with savings. For others, it may be insights and strategies to carry their progress toward. Our view is no matter what stage you’re in – whether you’re just starting to think about retirement, or whether retirement is just a few years away – there’s no time like the present to review where practical decisions right now can help you realize the retirement of your dreams.
Consider the following:
• Plan for different stages of retirement. Financial needs and spending habits will likely fluctuate during retirement years, so make sure you consider the different stages of retirement. Do you want to purchase a second home? And, as you continue to age in retirement, increased medical expenses and long-term care costs may cause your spending to rise once again.
• Determine how much to save. Understanding retirement needs is often the first step in setting a retirement goal. While the traditional benchmark of aiming to save enough to generate 80 percent of your pre-retirement income is a great starting point, it may not be right for everyone. A free budgeting calculator on Regions.com can help identify how much to save.
• Build investment portfolios. Many people use investments to save for retirement. Regions Bank has a number of podcasts available to learn more about investment strategies and ways to grow wealth.
• Factor in your family’s financial needs. Decisions related to parenthood and employment can have an impact on retirement savings. Just like planning for the different stages of retirement, be sure to consider your family’s ongoing needs for future seasons of life.
Everyone wants to be able to retire comfortably, and Regions Bank is here to help. And while we have free information at Regions.com/NextStepRetirement, we also encourage you to visit one of our local branches to speak with financial professionals face-to-face for customized insights. You can use the Make an Appointment tool on Regions.com to schedule a discussion that will be custom tailored to your specific needs.
Retirement planning doesn’t have to be daunting. And it shouldn’t wait until later. There are tools – and people – available to help you … today.