Retirement Planning – Frisco, McKinney, Prosper, Celina, Allen, Plano
When you are thinking about your retirement, your financial planning is should be a priority. Here at Sweetness Insurance, we can help you with all your financial planning including for retirement. We serve the areas of Frisco, Mckinney, Prosper, Celina, Plano and Allen, Texas.
Most people know that if you’re going to save any money for the future, it is better to get started earlier in life. Depending on the type of lifestyle you wish to live in your retirement years, the best planning could take as many as 30 years. There is saving and investments to think about.
You want to think about what you can comfortably live on once you are no longer receiving benefits from your employer in the way of income. The sooner you can start planning and saving for the days of retiring, the better off you will be.
Mistakes To Avoid
Mistakes with financial planning can have lasting consequences. There are times these can be avoided and times they cannot. The key is to plan early and keep track of your planning so that you can avoid costly mistakes.
One of the biggest mistakes is to cash out a 401(k) early. There are times due to the loss of you job that you may deem it necessary to cash it out, but it can hurt you in the long run. It is wise to continue the investment for retirement.
Investing in your 401(k) is a wise choice when you start a new job. Even if you change jobs, you can continue to invest. IRAs in a traditional sense can also be wise if it is available to you. The difference between the traditional IRA and a 401(k) is that you have complete control over where your money goes.
You can also check with past employers to see if you had a savings account with them. If you ever invested with a stock or savings plan before, chances are the money is still there. This is known as “lost pension”.
The Ultimate Goal
It is safe to say that everyone wants to live a long and fulfilled life. The key is to plan early for your retirement and also to plan often. Things can change over the course of your life so as things change, you need to be prepared to change retirement plans as well.
Along with retirement planning, some things to look ahead to invest in would be your life insurance. Final expenses can be a burden for your family if they aren’t planned out correctly. Medical gap insurance, disability insurance, and annuities are not a bad idea to plan out and use.
Call Sweetness Insurance
Sweetness Insurance is available to answer any of your questions about your finances and insurances. Contact us today to schedule a free consultation in Frisco, Mckinney, Prosper, Plano, Celina, Allen Texas area. We have representatives who are able to assist you in all your financial planning.