No matter where you are on your financial journey, it is crucial that you consider how secure your future will be financially. Spending more time reflecting on this issue will increase your odds of achieving your retirement goals more successfully. If needed, seek help from a financial services professional who can assess your current position and suggest solutions moving forward.
Those planning on retiring should begin creating an Austin retirement strategy as soon as possible. Doing this can help identify which assets need to be amassed and the income required for living comfortably after retiring. Furthermore, engaging a financial services professional to assist can help manage risk while aligning investments with goals.
The 4% Rule
The 4% Rule is an easy and accessible budgeting tool that can help you estimate how much money you will need in retirement. It works on the assumption that you will only withdraw 4% of your total savings in year one and that percentage will gradually increase year over year to keep pace with inflation. While critics may object to such an approach, it remains a simple way of creating a realistic retirement budget.
Retirement planning can be complex, and it’s crucial that you tailor it specifically to your own situation. This may include considering health, family and lifestyle considerations as well as any disruptions such as unexpected expenses or grandchildren arriving unexpectedly.
As you prepare to retire, it’s crucial that you create a holistic retirement planning strategy encompassing Social Security benefits, individual retirement savings accounts and real estate investments – commonly referred to as the “three-legged stool.”
As soon as possible, it is ideal to begin saving and investing for retirement as early as possible to gain maximum benefit from your investments. But it’s never too late – making regular contributions to UTSaver tax-sheltered annuity or deferred compensation account may be your best bet if your savings account has yet to build up a surplus.
UTSaver Deferred Compensation Plan (DCP) is open to all staff of UT Austin who receive pay from the university. To enroll, select from among approved providers within UT Retirement Manager and complete your enrollment by logging into your account.
At AQS ASSET MANAGEMENT, LLC our team of fiduciary wealth management professionals specialize in crafting tailored retirement planning solutions for each of our clients. By drawing upon our knowledge in asset management, taxation, debt management, risk assessment and estate planning we create personalized strategies designed specifically to meet each of your individual goals. For more information contact us on 888-337-7787 or visit our website; we have offices both in Austin and Houston!