3 Stages of Retirement Planning and Their Common Goals
Planning for your finances involves the strategic process of preparing your future expenses, which includes retirement. While some people plan for their retirement during the early stages of their professional careers, others do so during the middle and late stages. Regardless of which stage you’re at, it’s best to work with the best financial advisors in New York to ensure your financial freedom.
What Are The 3 Stages of Retirement Planning and Their Common Goals?
This stage in retirement planning is for those who are under the age of 35. Most of those who began retirement planning early in life cannot save as much money as they’d like. However, they can take full advantage of compound interest because they put some money towards their retirement each month. Compared to those who invest in the middle stages, they can potentially make up to three times as much.
Those who plan for their retirement while they are between the ages of 36 and 50 are at the middle stage of retirement planning. Since they started during the middle stage of their professional career, these people can set aside more money every month. In addition to their base salary, they may even find more revenue streams such as investment properties, stocks, and many more.
People who decide to start planning for their retirement when they’re 50 years old or older are at the late retirement planning stage. Instead of concentrating on increasing the amount of money they save each month, they tend to put their focus on the lifestyle choices they intend to make after they retire.
Work with The Best Financial Advisors in New York!
The financial experts at 1879 Advisors can help you maximize your savings through each step of retirement planning. Request an appointment with our team today.