Jodi Perez and Jeannie Holliday were named to the 2024 edition of the Forbes list of Best-in-State Top Women Wealth Advisors


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Feeling anxious about not having enough money saved for your golden years?

You’re not alone!

Financially speaking, retirement can seem like an impossible mountain to climb especially with the rising costs of living. The last thing you want is to run out of funds when you’re supposed to be enjoying the fruits of your labor.

However, a survey by NerdWallet found that nearly 60% of Americans don’t maintain any retirement-specific accounts. This unsettling statistic shows just how many people struggle to plan ahead for their future financial needs.

But don’t worry; with our help from Independent Financial Services, you can get on track towards building a solid nest egg for yourself.

Although there’s no universal formula, there are certainly some good practices that you can follow for a more secure retirement lifestyle. Here are 5 key takeaways.

  • Start Saving Early for Retirement

The earlier you start saving for retirement, the longer that money has to compound and grow. Start as early as possible, even if it’s a small amount at first. Pay yourself first by automating retirement contributions.

Treat your retirement savings like any other non-negotiable bill that must be paid regularly. The higher the income percentage you can afford to direct towards retirement accounts, the better off you’ll ultimately be.

  • Take Advantage of Company Retirement Plans

If your employer offers a retirement plan like a 401(k) with matching contributions, participate and invest at least enough to receive the full employer match annually.

This is free money towards retirement that you don’t want to leave on the table. Over decades, those matching funds can add up to a significant amount thanks to compounding growth.

  • Diversify Investments and Mitigate Risk

Concentrate the bulk of your retirement investments in a diversified portfolio of stock and bond index funds with low fees that are appropriate for your age and risk tolerance.

As retirement nears, gradually shift more assets to lower-risk options like bonds and cash holdings to mitigate market volatility risk for money you’ll need soon.

  • Have a Retirement Income Plan

As you approach retirement, calculate how much annual income you’ll need from savings to supplement other sources like Social Security. Put a plan in place for drawing down assets in a sustainable way over your anticipated lifespan.

Popular strategies include the 4% rule, required minimum distributions (RMDs), and bucket method approaches.

  • Delay Retirement and Social Security

Working longer can dramatically improve retirement finances. Every additional year that you’re able to delay retirement and leave your savings untouched results in fewer years of depletion and more growth. 

Delaying Social Security increases your annual benefit amount by roughly 8% for each year you wait between your full retirement age and 70. You can use this Social Security Calculator to get the exact figures you’ll get depending on when you decide to draw the benefits.

Work with Us 

No matter what your current age or circumstances, it’s never too early or too late to begin preparing for retirement. Make a solid plan, stick to it through market ups and downs, and continually educate yourself to optimize your decisions around retirement. 

At Independent Financial Services, we thrive to give you the retirement lifestyle of your dreams.

So book a call and let’s make your golden years truly special.