|Question One: Have you put a “price tag” on your retirement lifestyle? By estimating your annual retirement expenses, you’ll have a better idea of the right savings and investment strategies to follow.
Question Two: Do you contribute to your 401(k) or other employer-sponsored retirement plan? Your 401(k) can have the potential to grow on a tax-deferred basis, so you should contribute as much as you can possibly afford each and every year.
Question Three: Do you also contribute to an IRA? Even if you contribute to a 401(k), you can boost your retirement savings by investing in an IRA.
Did you answer “yes” to all three of these important questions? If so, congratulations - you’re putting yourself in a good position to make progress toward your retirement goals.
The Right “Papers” at the Right Time Can Protect Your Family
To look out for your family, you need more than the best intentions - you need the right “paperwork.” And you’ll need it during two distinct phases of your life - your working years and your retirement.
While you’re working, your most valuable asset is your income. Without it, your family might be unable to pay off the mortgage or send the kids to college - and that’s why the most important papers you’ll need at this time are the ones containing appropriate life and disability insurance policies.
During your retirement, you’ll need to draw up some estate-planning documents, which may include a will and a living trust. Estate plans can be complex, so you should work with an attorney.
Clearly, you must have your “papers” in order to properly take care of your family - no matter where you are on life’s journey.
Contact Wendell at Edward Jones www.edwardjones.com.