Depending on how many years you’ve been working, retirement can seem like it’s too far in the future to worry about or too close to be able to effectively make any real change.
However, retirement is about more than doing the math and investment planning. Retirement includes making several life decisions, and considering things you may not have thought of before.
In this article, we’re going to talk about planning aspects of your retirement including your home and assets, your savings and investments, and setting and achieving goals for yourself.
If it feels like your paycheck is spent before you get a chance to set any aside each week, you’re not alone. However, it’s never too late to start setting aside money for retirement. The “pay yourself first” theory states that you should set aside a certain amount for bills, savings, and retirement plans before you spend a dime of your paycheck each week.
The easiest way to achieve this is to take advantage of an employer-based contribution matching program such as a 401K. However, if you are self-employed you can still open up an individual retirement account (IRA) or a Solo 401K. With an IRA, you determine where you want to invest your money, and can choose safer or riskier investments based on your own preferences.
There’s no better way to start planning than to actually sit down with a notebook or your computer and start figuring out what you want to save and how you want to achieve those savings.
You’ll want to determine how much money you can accrue in your savings account, estimate the price of your assets and properties, and look at the projected return on investment for any IRAs or 401Ks you have in place.
As you likely know, these numbers are all projections. There’s no way to know for sure how much your home will be worth, or how well your investments will do by the time you’re ready to retire.
So, one of the most important aspects of making this checklist is to return to it yearly to determine if you should change your investments or alter your retirement goals.
Whether you have dreams of settling down in a quiet town for retirement, touring the country in an RV, or traveling the world, you’ll need to find out how you can make it possible on your retirement plan.
You and your spouse will need to sit down and draw up a plan for your mutual retirement goals. Determine which expenses you can do away with in retirement so that you can fulfill other goals. Having these conversations now will help you more effectively plan for the future. And, remember that the time of your retirement is always closer than you think.
Gary Rudden, Lisa Rudden, and Nick Bobruska
RUDDEN BOBRUSKA TEAM
What sets your team apart from other real estate teams?
There is no team out in the market that offers what we do. All of us are Realtors, but
we each have specialized roles, which make our team so unique!
After decades of living and selling real estate in the DMV, we have established
ourselves as one of the top real estate teams with our market expertise and
cutting-edge technology. Our savvy high-tech marketing is on every website
and social media source. We have a huge network with other top agents, which
helps to premarket homes and discover homes for buyers before they reach the
open market. Our services include professional in-house staging services, broker
expertise in negotiating and navigating contracts, and buyer representation in all
price ranges. Each client has different needs and we create a marketing plan based
on those needs.
Our most distinct feature is our in-house construction and renovation team. We
are literally a full-service, one-stop shop when selling or buying a home!
How does the in-house construction and renovation team work?
All work is managed and completed through our licensed and bonded construction
crew. No need to call outside contractors. We are like “HGTV,” but we just don’t
have a show! Whether it’s a small makeover or a major renovation, we do it all. Our
sellers love this aspect of our team because we make preparing your home for the
market so seamless. Our buyers love the advice and insight we can give for future
renovations and repairs.
Having a licensed Maryland Home Improvement contractor as part of our team
along with the knowledge, experience, commitment and services that we offer, truly
puts our team as a vanguard in the real estate industry.