It’s never too early to start making retirement plans so that you can enjoy your senior years and relax. At Kelly Shores Financial, our team of advisors can guide you through the process of smart planning for you and your family.

Start Saving Early

The most important part of retirement planning is starting to save early. Young adults first entering the workforce have an opportunity to build a strong retirement portfolio if they make a plan. Even if you set aside a small amount per month, such as $50, you could earn compounded interest over time, aiming to grow your money through the years.

Be Strategic With Your Social Security and Pension Claiming

When you’re getting close to retirement age, you have to make some choices about when to start collecting social security and your pension if you have one. The best tip from any financial advisor is to delay claiming your social security and pension benefits. Waiting to claim benefits may give you a higher future monthly allowance.

Investing in Annuities

An alternative to a traditional retirement plan is to invest in annuities. Annuities are investment products from insurance companies that require you to pay fixed fees in advance. When you reach retirement age, your annuities pay out guaranteed income.

Fixed and Variable annuities are suitable for long-term investing, such as retirement investing. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Guarantees are based on the claims paying ability of the issuing company. Withdrawals made prior to age 59 ½ are subject to a 10% IRS penalty tax and surrender charges may apply. Variable annuities are subject to market risk and may lose value.

Let Us Help You Prepare for Tomorrow

Make a retirement plan that seeks to give you the life you want in your golden years. Call our team today at (217) 210-2022 to start planning for the next stage in life.