Where to Start with Your Retirement Plan

If you believe you haven’t saved enough for retirement, then you are not alone. Studies have shown that more than 50% of U.S. adults were planning to depend exclusively on social security for retirement income. In order to avoid the financial stresses that can come along with retirement, it’s important to know where to start with your retirement plan. This first step often entails estimating your retirement income which should be conservatively estimated.

There are typically three areas of sources of retirement income. This includes:

Social Security – You should first estimate how much you can expect to receive from social security once retired. By filing a “Request for Earnings and Benefits Estimate” with the Social Security Administration, you can learn how much to expect when retired. You should know that the amount of Social Security benefits you will receive is directly influenced by how long you have worked, the age you began receiving benefits and your total earnings.
Pension Payments - Talk to your employer and request a projection of what you can expect to receive after you retire. Be sure to account for all financial contributions through your work such as 401(k), a profit-sharing plan or a simplified employee pension just to name a few.
Savings / Investments – If you have been diligently saving, then you probably know about how much financial resources you’ve set aside to prepare for your retirement.

Your Retirement Plan
The best strategy for you to follow is to develop a sound financial plan with a professional tax advisor. In a previous blog we talk about 5 retirement savings tips, and we highly recommend sitting down with an accounting professional to help you prioritize so that you are financially prepared for retirement. For more information on BatesCarter services, or if you would like to speak to one of our accounting professionals, please feel free to contact us today. We look forward to helping you get on the right path for retirement.

Partner Spotlight
Kristi Griffin joined BatesCarter in 2002 and was named a partner in 2008. She provides audit services for closely-held businesses and non-profit organizations and serves as the firm’s Employee Benefit Plans Team Leader.

Through a unique combination of right and left-brain abilities, Kristi combines exceptional communication skills with her attention to detail. Due to Kristi's people skills, it's only natural that her clients find her easy to talk with, friendly and completely engaged with the success of their businesses.

rhopkins@batescarter.com
770.532.9131

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Retirement Professionals
Located in Gainesville, Georgia, BatesCarter is a full service accounting and business advisory firm that has served businesses and individuals since 1962. For more information about our approach to retirement plans, please contact us today to learn more. We look forward to exceeding your expectations. Always.

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