You’ve heard it before and you’ll hear it again – there is no better time to start saving for your retirement than right now. People are living longer these days, costs of living are significantly increasing and you never know what the future holds. It is far better to start your Texas retirement planning now than wait too long. Whether you are in your 30s, 40s, 50s or above, we can help guide your retirement planning. While some studies recommend that you start saving at least 12% of your working income every year for your retirement income, we understand that not everyone is capable of doing so. That is why we have created this retirement planning guide to help you no matter what stage of life you are in. 

If You Are In Your 30s…

The majority of today’s companies have decent retirement plans and some even will help their employees further with guides to retirement planning. As you are normally a relatively established employee at these companies in your 30s, make sure to capitalize on all of the retirement benefits offered to you. Start by utilizing any retirement planning guides available to you through your company and ensure that you are putting in at least the minimum contribution every month. Most employers will match your amount up to a certain percentage. 

During this decade, you should also consider creating or improving your emergency fund. As we mentioned earlier, there is no way to know what tomorrow will hold. It makes sense to build up at least 6 months’ worth of an emergency fund to combat any potential expenses that may rear their ugly heads. 

Finally, throughout your 30s, you should consider erasing all debt you may have. This can include student loans, car payments and even house mortgage payments. While it is incredible to be debt-free, it is also important to realize that you can put some of that money away into your retirement accounts. 

If You Are In Your 40s…

This decade is normally when people begin to think about getting retirement planning guides and sorting through all of their financial information as retirement is just around the corner. While this is also potentially the age you will be paying for your child’s education, it is important to put your retirement planning first. If you need to, feel free to reach out to us to help guide your Texas retirement planning to be customized for your individual needs.

Your 40s are generally when you get serious about your will, estate planning and any other beneficiary or guardianships. These are important items that are not necessarily easy to talk about or plan for, but are definitely integral to your retirement planning process. The best way to start this process is to discuss with your spouse and then come into our office for assistance with the write-up and continuation of your retirement planning. 

If You Are In Your 50s…

This is generally when it is time to start taking a serious look at your retirement planning process and setting yourself up for what the future of your retirement will look like. It is essential that you are aware of all of the costs associated with your living expenses and be very candid about how much you have saved with your retirement planning guides. Some people at this stage realize that they have not actually saved up enough money throughout their retirement planning and this can cause additional turmoil. 

If you do find that you have not saved enough throughout your working years to effectively live at ease throughout your retirement, you do have options. One option many soon-to-be retirees flock to is to downsize their homes. Some even move to different areas of their own city or different states entirely to cut down on the cost of living. 

A very positive aspect of being in your 50s and still being at work is that you can contribute an additional $6,000 to your retirement planning accounts. This contribution, on top of what you have already saved and earned with compounding interest, can dramatically assist in some retirement planning costs. 

Texas Retirement Planning

Regardless of what age you are, there are always things to be done and retirement planning guides to be followed. At WN Insurance, we specialize in customized insurance solutions for each and every one of our customers. We take the time to get to know you, your individualized needs and provide helpful and effective solutions to make you feel at ease. Whether you are in your 20s or even in your 60s, we are here to help you with your Texas retirement planning. Contact us today.