Retirement Plans

Planning for retirement can be overwhelming at any age. Is it too early to start saving? Is it too late to catch up? How much do I need? What if I don’t have enough? Take a deep breath. You’ve got this, and wherever you are in the planning process, An Adkins Insurance team member can help you figure out your next step.

When should I start planning for retirement?

The short answer: As soon as possible. Even if you think retirement is lifetimes away, you should still start thinking about socking a little away now. Why? Because the longer you add to your retirement, even a little at a time, the larger it will grow as each year builds on the gains from the last.

What if I didn’t start planning early?

Even if you’re starting to think you’re way behind the curve and retirement is suddenly looking a lot sooner than you expected, there are still ways to boost your retirement funds and catch up a little on lost time. It’s all about balancing your risk, and an experienced agent like ours can help you figure out the perfect balance of risk and security in your retirement planning to get you just where you want to go.

How much should I save?

How much you should save for retirement will depend a lot on your plans for retirement. Do you want to retire early or work for as long as you can? Do you hope to work part time to stay busy after you retire? Do you want to join a knitting club or travel the world? While there are a lot of online calculators out there that promise to tell you how much you need to save, they can never get the whole story like an experienced agent can.

What are my options for retirement?

One great thing about planning your retirement is that there are so many options to choose from! There are accounts that let you invest pre-tax money and pay taxes on the gains when you retire. Some accounts take post-tax money and you don’t pay taxes on the gains at all. Some agreements will let you get a steady income for the rest of your life. Others will give you a specific payout a certain number of years later. Some options are high-risk with a possibility of high-reward. Others are safer, slower, and generally have lower returns. Your best bet is usually to diversify and to balance your investments with how close you are to retirement and how much risk you can tolerate. Your dream retirement is uniquely yours, and the path to get there will be just as unique. Our Adkins team can help you navigate all your options and plot a course to get exactly where you want to go.