Save. Plan. Retire.

Retirement Planning in Madison, New York

Retirement opens up an exciting chapter in life, yet many struggle to navigate the transition successfully. Planning ahead and consulting financial professionals before taking the leap can make all the difference – this workshop can teach you how to prepare and cover topics such as managing withdrawals, tax strategies and creating a budget to manage expenses.

Gary Schwartz has over two decades of wealth management experience and currently manages over $400 million at Madison Planning Group for court employees in New York State. Schwartz believes that having a niche clientele can both be rewarding and profitable.

Though it may be tempting to spend all your available income on fun things such as travel, a new car or vacation homes, it would be wiser to allocate at least some of it towards retirement savings. By doing so, your chances of living comfortably during retirement improve and there will also be money set aside in an emergency fund or unexpected expenses fund.

As a rule of thumb, an ideal target should be saving approximately 85% of pre-tax earnings to give your investments time to grow and reduce the risk of outliving them – this is particularly crucial if you have high earnings. Furthermore, saving early on in life allows more time for growth before retirement arrives. Saving as much money in your 20s gives your savings time to grow before reaching their retirement goal.

Financial professionals can assist in helping you determine how much and where to save, invest, and manage debt, as well as provide ways for increasing income during retirement. Other advantages of having an advisor include retirement planning, estate planning and tax preparation services.

Some of the same financial missteps that plague start-ups, family businesses and corporations also affect retirees – whether intentional or otherwise. Avoiding them will give your retirement chances the best chance at success.

Alongside consulting a financial advisor, it can also be advantageous to work with a credit counselor. MCU members have access to free financial counseling through Balance that offers personalized budgeting help, reviews of your credit report and home purchasing assistance as well as identity theft solutions – just make sure they know you’re an MCU member! Balance can be reached both via phone or online.