Tallahassee, Fla. (WTXL)--- The topic of retirement tends to creep into our minds as we approach age 65. But turns out it's never too early to begin planning for retirement.
Ben Graybar from Hancock Bank joined us this morning to discuss these tips on retirement:
• Start Saving Now: Most retirement savings accounts have values that compound over time , and some added tax benefits make it beneficial to start saving sooner than later. In areas of legal and tax planning, Hancock Bank recommends that clients consult their legal and/or tax advisors.
• Set Goals and Create Budgets: When saving for retirement, identify where you want to be and develop a savings budget to ensure that you can reach that goal.
• Learn About Employer Retirement Plans: With some employers offering 401(k) contribution matching, it’s important to explore your options before turning down free money.
• Plan for the Best, Prepare for the Worst: Understand what could happen and plan so that unexpected events do not affect your retirement timeline.
• Diversify Your Portfolio: Being involved in just one type of investment increases financial risk should that investment sink. Multiple types of investments greatly reduce risk and can produce a profitable portfolio.
• Ask Questions: Ask questions to understand how all available options may affect your financial future.