Financial Tips to Help You Retire in 2025

Planning for retirement can be overwhelming, but it becomes much easier if you start early. If you plan to retire in 2025, there are specific financial tips that you need to implement now to work toward an independent retirement. Here are some essential areas you should consider.

Wealth preservation is essential for many individuals but warrants a specific focus for those nearing retirement. Understanding the complexities of wealth preservation is crucial, particularly for pre-retirees.

As the landscape of our economy shifts and evolves, so do the policies and practices that guide our federal programs. One such program that undergoes continual alterations and modifications is Social Security.

RETIREMENT READ TIME: 4 MIN How do you picture your future? Some see retirement as a time to start a new career. Others see it as a time to travel. Still others plan to spend more time with family and friends.

Many people have a clear vision of what their ideal retirement looks like. Some desire vacation homes in tropical destinations, while others plan to spend quality time with their grandchildren and family.

Will you pay higher taxes in retirement? It’s possible. But that will largely depend on how you generate income. Will it be from working? Will it be from retirement plans?

Women can experience more challenges saving for retirement than men, and unfortunately, COVID-19 has added even more challenges.

2020 has been a year unlike any during our lifetimes with the COVID-19 pandemic and a poor economy. Many have been impacted with lay-offs and job losses and realize they were unprepared financially.

COVID-19 has changed everything from our jobs to school learning and shopping and how we plan for retirement.

If you are not contributing to your health savings account (HSA), you miss out on a great way to save for health care expenses now and during retirement . HSAs allow you to save money tax-free through payroll deduction.

As 2020 comes to an end, more and more Americans are contemplating their decision to retire. Others are tapping their retirement savings, while some save more due to the economic fallout and impacts of COVID-19.

Americans are starting to see the impact of increasing prices at the supermarket and the start of inflation. Also, clothing at retail stores is depleting as manufacturing has halted, creating demand for products ordinarily accessible.

Not everyone experiences a life-changing event in their lifetime, one that impacts them for better or worse. As we continue to experience the pandemic, we are witnesses to our own experiences.

Today’s women are more educated and have more significant job opportunities compared to previous generations.

The term HENRY (High Earners Not Rich Yet) refers to individuals who have the potential to become wealthy in the future because of their income.

Review your saving and spending habits and assess what you can do to save more this year. Definition of Savvy: having or showing perception, comprehension, or shrewdness especially in practical matters.

If you plan to ‘age in place,’ it’s important to discuss your intention with your family and financial advisor now to prepare for and make it possible. The U.S. population continues to age, with the baby boomer generation now the largest generation ever.

If you have multiple or only a few retirement ‘nest eggs,’ now is an excellent time for us to discuss how taxes will impact you this year or in the future.

Dreaming and goal setting are interrelated; first, you dream about what you want, then you determine how to obtain it. Our dreams should help guide us to make the right choices at the right time and in the proper manner.

Here we are, already to the end of 2019! The end of a year and the start of a new one is when most people decide to clean up and implement changes in some areas of their lives.