It’s never too early to start planning for retirement. In fact, the earlier you start, the better off you’ll be. But where do you start? As a Maryland resident, there are certain important things you’ll need to consider.
Do you have enough savings to retire?
The amount of money you’ll need to save for retirement depends on a variety of factors, such as lifestyle and medical costs. Make sure you calculate your estimated living expenses in retirement and create a budget that will help you reach your goals.
What kind of financial investments should you make?
Your investment portfolio should be tailored to your individual needs. Think about what kind of returns you want and how much risk you’re willing to take. You can talk to an estate planning expert or financial advisor who can help guide you in the right direction.
When do you want to retire?
Figure out when you want to retire and work backwards to determine how much you’ll need to save each month. Analyze any Social Security, pension or other benefits that may be available to you and factor them into your plan.
What kind of lifestyle do you want?
Think about how you want to spend your time in retirement, and set realistic goals. Consider whether you want to travel, start a business or volunteer, and make sure you have the funds to support it. You may also want to consider long-term care insurance so that you’re prepared in case of an illness or injury.
No matter where you are on your journey, it’s always a good idea to check in with yourself periodically and re-evaluate your plan. You may also want to do some research to stay up-to-date on changes in the retirement landscape. With thoughtful planning and the right preparation, you can set yourself up for a comfortable and enjoyable retirement.