Most people know that it is important to save for retirement but implementing a versatile financial plan at the right time is often another story. A lot of people have no idea how to save for retirement or where to start.
Today we are offering some practical financial tips for retirement planning. If you have been searching for, “Fiduciary advisors near me in Denver, CO,” then you have landed in the right spot. Saving for retirement may be the most important thing you do with your money. As such, we have an incredibly well-rounded team of the best fiduciary financial advisors here at Triumph Capital Management. Establishing a retirement plan might be easier than you think, and every little bit counts!
1. Make a goal for your retirement savings
Take a look at where you are today financially, and then think about where you would like to be in the future. Will you be relaxing in your chateau while overlooking the scenic mountainside of colorful Colorado? Or spending as much time as possible traveling the world?
When you have well-realized goals for your retirement dreams, it is easier to refine your focus to start saving and investing to make it a reality. Our retirement savings calculator can help determine the approximate amount you will need to have saved for your unique vision of retirement.
2. Start now
The sooner you start investing money toward retirement, the better. Small contributions over extended periods of time add up! Thanks to the power of compounding interest, someone who begins saving 6% of their income at age 25 will end up with the same amount in retirement as someone who starts contributing 9% at age 35.
An earlier start is especially beneficial if you are concerned about the amount you can save. Time is on your side, and our team of experienced financial advisors is here to help.
3. Set aside as much as you can
If possible, try to be aggressive with the amount that you put toward retirement savings. Having a sizeable monthly contribution can help secure growth and promote future financial stability.
Social Security is not intended to be a primary source of income in retirement and there is no guarantee that Social Security benefits are going to sustain future generations of retirees down the line. Moreover, tax rates will likely change between now and the year you retire, and inflation will continue to cause prices to rise. The importance of implementing a robust retirement plan is more important than ever. While there are numerous monetary factors outside of our everyday control, it is important to remember that you have control over the amount you choose to save and invest.
4. Maximize matching
If your employer offers a matching contribution, make sure that you contribute the maximum amount available. Doing so will stimulate quicker portfolio growth and support higher overall returns.
5. Resist the urge to cash out
If you switch jobs, make sure you rollover what you have saved in your current retirement account to another savings plan or into an IRA. Cashing out will only interrupt the momentum of compound returns and prolong the savings process. Keep in mind that distributions taken out prior to age 59 ½ are subject to income tax, as well as a 10% tax penalty.
6. Find the retirement plan that is right for you
If you are already utilizing the retirement savings plan offered through your employer or your place of employment does not provide a plan, opening an IRA is a great way to ensure your savings are on track. An IRA is an investment-based retirement account with built in tax benefits specifically designed for retirement.
For IRAs, the annual contribution limit is relatively low, so continuing to save in another general investment account can further sustain your future reserves.
Fiduciary Advisors Near Me in Denver, CO
Our team of experienced professionals will help you to attain the answers you need to make confident and well-informed decisions about your retirement goals. At Triumph Capital, we believe in the importance of curating specialized plans to fit each of our clients’ distinctive lifestyle and goals. As a Fiduciary, and top Registered Investment Advisor in the Denver area, our primary focus is to help you plan for every aspect of your financial life.
Call our team today at (720) 399-5555 or visit us online to book a complimentary consultation. You can feel confident knowing our team is here to guide you throughout all the ebbs and flows of your investment journey.
Triumph Capital Management
1610 Wynkoop Street Suite 550
Denver, CO 80202
Advisory services offered through Triumph Capital Management, a registered investment advisor SEC#282814. Insurance Services offered through Triumph Capital, LLC #619821