The new year is here, and if you're like most, you may consider setting new goals, including financial goals.
Matt Meese with Mountain America Credit Union (MACU) joined us with tips to help plan your retirement.
He says saving for retirement can feel daunting. But, there are ways to achieve that dream retirement.
Meese says you'll want to start by determining what you want in your retirement. For example, are you someone who wants to travel the world, do you want to start a business, or volunteer your time? Thinking through these things allows you to identify the steps you'll need to take to get there, and you can estimate how much you'll need to save.
If you need help starting or continuing saving for retirement, Meese offers this advise, saying, "We all know that life takes unexpected turns from time to time. Building up a sufficient emergency fund will allow you to take care of these challenges without derailing your retirement savings. Aim to have enough money in this fund to cover your expenses for three to six months."
For those who are nearing retirement Meese says it's important to begin practicing your retirement. He says, "You probably have a pretty good idea of your fixed expenses for the next few years. Once you've considered everything and created a budget that will work, put it into action for a while. You will likely find areas that need a little tweaking, or you may find that it works great!"
MACU also recommends considering these additional factors as well:
Life insurance
Estate plan
Dependent care
Children's education
Meese says making decisions on these now will spare your kids or other family members from having to make them without your input.
For more information or to schedule an appointment with a wealth advisor, visit macu.com/retirement.
