3 Things You Can Do Right Now to Better Prepare for Retirment

1.If your employer offers a retirement plan such as a 401(k), 403(b), SIMPLE IRA, etc, consider enrolling or increasing your contribution amount. If your employer offers a Roth option, consider your current tax bracket versus your anticipated tax bracket in retirement to determine whether or not you should contribute to a tax-deferred, or Roth option.

2.Consider your expenses. Life is about decisions, and frequently those who delay gratification in the form of saving for retirement in lieu of spending on current “wants” find themselves financially secure as they near retirement age. As I’ve told several clients, I’ve never had someone come into my office regretting that they’re debt free as they approach, or enter retirement!

3.Determine the best age to start retirement. This requires a thorough assessment of anticipated income, taxes, assets, longevity, spousal benefit, and a myriad other factor that impact the decision when to initiate social security retirement benefits.

All of these decisions imply a sober and objective review of your financial situation and the value of establishing a plan. I look forward to discussing with you how I help clients identify and achieve their financial goals and prepare for retirement.

Investment advice and financial planning offered by Murphy Investment Management, LLC., A Registered Investment Advisor

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