Planning for Retirement

It’s never too early to start saving for retirement. The more you save during the early working years, the less pressure there will be to save and seek high investment returns in your later working years. Here are some points to consider as you plan for your retirement.

Calculate Your Retirement Needs

Whatever you want your retirement to be, you need to figure out how much you’ll need to pay for it. As a rule of thumb, you’ll require about 70% to 90% of the amount you are living on in the months before you retire to maintain your lifestyle through each year of retirement.

How much will I need to save for retirement?

Invest in Your Company’s Plan

If you’re like most employees, you’re probably contributing to a 401(k), SIMPLE IRA, 403(b) or other employer-sponsored retirement plan at work. This is a great way to build for the future. Not only are you saving, your contributions are generally excluded from income for federal income tax purposes. Also, many employers match your contributions – allowing you to save even more toward your goals.

Think about an IRA

An individual retirement account (IRA) can provide another way of adding to your savings while providing unique tax advantages. An Ameritas financial professional can help you choose the IRA that best meets your savings timeframe and financial situation.

Retiring from Your Job? Consider Your Options

If you’re retiring, you’ll need to decide what to do with your employer-sponsored retirement plan. Contact one of our financial professionals for help and guidance on your options.

Have an Emergency Fund

If you were to lose your job or face a large, unexpected expense, it would probably be a huge financial burden to you and your family. Establish an emergency fund equal to at least six months of your salary so you can avoid touching your retirement savings.

Life Insurance Protection

Having the proper amount of life insurance can help assure your loved ones are provided for if the unexpected happens. Life insurance helps replace lost income, which can be used to pay off debts and expenses, and can help maintain your family’s standard of living.

Safeguard Your Income

Emergencies can happen anytime. Certain types of insurance can help protect against the sudden loss of income due to illness, injury or permanent disability. Disability income insurance from Ameritas can protect you and your family if you become unable to work or take care of yourself. The financial professionals at Ameritas can help guide you in retirement planning. Contact us and we’ll get you in touch with someone in your area.

Maintain Your Health

As you well know, aging has an impact on your smile, sight and hearing. So when you need benefits to help offset the cost of related exams and services, check out our individual and family plans for dental, vision and hearing. Protecting and preserving your oral health and vital eyesight and hearing senses will make your retirement more enjoyable as you begin doing more and more of the activities you love most.