Retirement planning should be done in advance, preferably with the intervention of a skilled professional. Remember, it is never too early for you to start and for those who are late, planning for your retirement is “better late than never.” There is a crucial question to retirement planning, and this is “how much do you need to retire?” This answer varies from person to person and primarily relies on your income and the lifestyle that you would like to enjoy during your retirement.
Robert Nico Martinelli is an expert and experienced professional in retirement tax planning. According to him, many people are worried about paying taxes after retirement. They take measures to protect their income from taxes. However, most people are not educated and aware of the correct ways to do so. When it comes to planning for your retirement, following friends and family is the biggest mistake you make. It would help if you had a skilled professional’s guidance and intervention to help you determine your retirement planning goals and income based on your portfolio and lifestyle for getting the best results.
Savings during every stage of life
With the assistance and guidance of a skilled professional, you can determine how much you need to plan for your retirement in comfort. The awareness of how much to save during every stage of your life helps you answer the question above. So, you will know how much you need for your retirement before you reach that age.
If you wish to save sufficient funds for your retirement, you need to know how much you need during the different stages of life. So, the most practical way for you to achieve this is to save a percentage of your salary every year. For instance, you can save 15% of your gross salary at the beginning of your career and continue doing so during your years of work. This might include savings across different bank accounts that you keep for retirement and any contributions to your employer if you have access to a 401(k) or any other plan sponsored by an employer.
How much you need to save depends on the following factors-
- Current income and lifestyle you wish to have at the time of retirement
- Knowing how much you need to save as per your age will help you stay on track and help you attain your goals for retirement.
- The guidance and the help of a skilled expert in retirement planning and taxes will help you with specific formulas so that you can come up with amounts or numbers to help you build capital and preserve it for your later years.
Robert Nico Martinelli believes that you must consult experts with years of valuable experience under their belt when it comes to retirement planning and taxes. Every person is different, so make sure you have a plan that meets your needs and expectations with success!