Retirement planning
Resources to help you prepare for your dream retirement
Whether retirement is a long way off or just around the corner, our resources can help you estimate your retirement needs, choose the right retirement savings accounts and invest wisely.
The benefits
We get it. Retirement planning can seem daunting.
But it might help to remember why retirement planning is so important. It may help provide you:
You’ll want enough money to cover your basic expenses and other costs (like travel!).
Knowing that you’re financially prepared can help you enjoy your retirement fully.
Whether you hope to travel or spend time with loved ones, a plan can help you get there.
When to start saving
Saving early and often gives your money time to grow
Ideally, you’ll begin putting away money in your 20s or as soon as you start working. Saving early and often gives your money more time to grow—taking advantage of the power of compound interest. It’s like a magical force that works behind the scenes, multiplying your money over time.
Here’s how compound interest works:
When you put your money in a savings account or invest it, you earn a little bit of extra money called dividends.
When you keep saving, you earn more money not only for the amount you first put in but also for the extra money you earned over time. It’s like getting a bonus on top of your savings!
This keeps happening over and over, and your money grows bigger and bigger. It’s like a snowball effect, resulting in exponential growth over time.
How to start
Our free retirement planning guide can help you take it one step at a time
Knowing how you want to spend your retirement—and the costs associated with that lifestyle—will help shape your budget.
A good rule of thumb is that you’ll need about 70-80% of your pre-retirement income. But your lifestyle, health and location will affect your amount. A financial advisor can help you with this.
This can help you estimate how much money you’ll need to save: Will you have a pension? What about rental income? Will you work part-time? What will Social Security cover? (This Social Security calculator estimates your monthly benefits.) When will you claim Social Security? (Here’s what to consider as you decide when to claim your benefits.)
Once you know how much money you’ll need, a financial advisor can help you set realistic monthly savings goals.
You might be able to save with multiple accounts, like an Individual Retirement Account* or an employer’s 401(k) retirement plan. Dupaco’s Launchpad savings account can also help you start saving.
* Contact your tax advisor to verify eligibility and contribution limits for IRAs.
You’ll want to choose investments that match your risk tolerance and time horizon. Are you willing to take on risk, or does the idea of volatility make your stomach turn?
Your financial situation and retirement goals may change over time, so regularly reviewing your progress with a financial advisor is important.
Contact us
Have questions? Let's talk!
Want to review your investments, plan for retirement, or save for your kid’s college? Any type of financial goal and any size portfolio is welcome!
