VOICED Market partners with brands to bring you deals. This page contains links to our affiliate partners that earn us a commission. Compensation impacts where links & products appear. Sign up for free to VOICED Market to get personalized offers.

5 Ways To Plan For Your Future Retirement

By Voiced Market
16 March 2023
5 Ways To Plan For Your Future Retirement

A lack of money prevents many people from retiring when they would like. Some underestimate how much money they need, while others assume that social security payments will be enough to carry them through retirement.

The earlier you can start preparing for your future retirement, the better. Whether retirement is just around the corner or many years down the road, here are five ways to plan!

1. Hire a Top Financial Advisor to Help You Plan for Retirement

Navigating your finances is no easy task, but a financial advisor can point you in the right direction when it comes to planning for retirement, investing, and more. You just need to find one you trust!

If you have a portfolio size of over $50,000 (it could be a combination of cash, stocks, bonds or other assets), WiserAdvisor can match you with financial advisors to choose from in under 1 minute.

WiserAdvisor is America’s oldest and largest independent network of prescreened financial advisors. This free online service can help you find a top-notch financial advisor to help you manage your money, investments, assets, and more. Simply fill out their short questionnaire, and WiserAdvisor will match you with three top advisors in your area.

All of the network’s financial advisors must pass a pre-screening process. Additionally, all advisors are either fee-only or fee-based, so it’s easy to determine how much it will cost to work with them before you commit to one. There’s no obligation to sign up with any financial advisor WiserAdvisor matches you with.

To find the perfect financial advisor for you in as little as 1 minute, use WiserAdvisor today!

2. Enjoy the Long-Term Tax Benefits of an Individual Retirement Account (IRA)

An individual retirement account (IRA) is one of the best tools to have at your disposal when it comes to planning for retirement. This type of investment account offers a handful of benefits, including allowing you to defer taxes on your earnings until you take distributions in retirement. At this point, you may be in a lower tax bracket — potentially saving you a ton of money.

Equity Trust is a custodian of self-directed IRAs that charges minimal administrative fees, so that you keep more of your money. Unlike a normal IRA that only lets you invest in stocks, bonds, and mutual funds, a self-directed IRA allows you to choose what you wish to invest in and add to your portfolio — whether it’s stocks, real estate, precious metals, private equity, digital assets, or something else.

And Equity Trust makes it easy to open your self-directed IRA. It’s as simple as opening an account, funding it, and making your self-directed investments. If you need any assistance, simply book a free one-on-one consultation with an Equity Trust expert counselor.

Open your self-directed IRA today to join over 237,000 people who use Equity Trust as the custodian of over $39 billion in total retirement assets.

3. Max Out the Employer Match Benefit on Your 401(k) Account

If your employer offers a 401(k) plan and you aren’t using it, you could be missing out on free money towards your retirement.

Beyond giving your money the chance to grow in an investment account, a 401(k) often includes an employer benefit—where your employer matches your contributions up to a certain percentage of your annual salary.

By maximizing 401(k) contributions on an account with employer matching, you could end up adding thousands of dollars to your total retirement fund each year.

4. Use Catch-Up Contributions to Skyrocket Your Retirement Savings

If you’re over the age of 50, there are ways for you to boost your retirement savings in a relatively short amount of time. Namely, you may be eligible to make catch-up contributions on your various retirement accounts—including a 401(k) or IRA.

Catch-up contributions are additional contributions that allow you to exceed the annual contribution limits, build your portfolio, and defer even more of your tax liability until retirement.
If it’s a plan with employer matching, your employer might even agree to match your catch-up contributions—depending on the terms of the plan.

5. Make Your Monthly Savings Automatic

If you struggle to save money, you’re not alone. But saving is a must if you hope to retire on time and have enough money to live the lifestyle you want in retirement.

Of course, one of the easiest ways to combat this struggle is to automate your savings. Each month, money will be transferred directly to your savings account and you won’t have to think twice about it. Many experts recommend saving 15% of your annual wage.

To make your money go as far as possible, shop around for the savings account with the highest interest rate. Putting money aside in this type of account will give your money the best chance to grow and beat inflation.