Page 16 - Equity Movement Magazine-Issue2
P. 16
RETIREMENT RESOURCE
5 Blatant Warning Signs You’re Not
Prepared for Retirement
4. You’re planning on electing Social
Security benefits at 62.
The SSA clearly indicates that the earliest
age you can start receiving Social
Security is 62, and you’ll lose 30% of the
benefits for that year. Your benefits at
age 62, 66 or 67 are not your maximum
benefits, though. Benefits increase by
8% per year every extra year you wait.
The maximum benefit kicks in at age 70.
5. You haven’t formalized a retirement
plan with a financial advisor.
While the value of working with a
financial advisor varies by person and
advisors are legally prohibited from
promising returns, research suggests
average additional investment returns
etirement may seem years away, but neglecting can range from 1.5% to 4% each year.
the proper planning now could cost you hundreds Voya Financial found that 79% of people who use an
Rof thousands in savings. advisor said they “know how to pursue achieving their
retirement goals.” The study also found that 59% of
If any of these describe your situation, it is time to kick those who use an advisor have calculated how much
your planning into high gear. they need to retire, while 52% established a formal
retirement investment plan. Chances are, there are
several highly-qualified financial advisors in your town.
1. Your normal savings account isn’t earning interest.
The national average interest rate for savings accounts is However, it can seem daunting to choose one. This new
just 0.06%, according to FDIC. Moving your money to tool makes it easy to find the right financial advisor for
an account with higher interest is one of the simplest you. Now you can get matched with up to three local
ways to effortlessly save extra money. fiduciary investment advisors that have passed a rigorous
screening process.
2. You haven’t checked your 401(k) balance in the past 6
months. Follow These Steps to Get Matched With the Right
You should be checking your 401(k) account regularly. Advisor for You
You should be aware of how your money is invested and
your tolerance for risk and make adjustments as 1. Simply enter your ZIP code below.
necessary. A financial advisor can assist you in this. 2. After you enter your ZIP code and answer questions
about your financial goals, you can compare up to three
top advisors local to you and decide which to work with.
3. You haven’t estimated how much you’ll need to retire. 3. Enjoy a better financial future!
Surveys have repeatedly shown significant numbers of
Americans in their 30s, 40s and even 50s have no https://smartasset.com/retirement/find-a-financial-
retirement savings. If you plan to travel and have a planner
comfortable lifestyle, you need to figure out exactly how
much you’ll need to save and adjust accordingly.
15 | www.equitymovement247.com
