Retirement Savers

Earlier is always better, but there's no wrong time to start thinking about saving for the phases of life after your career. Previous generations and certain industry sectors have the benefit of defined-benefit retirement plans more commonly known as "pensions", but today's workforce shoulders much more of the responsibility individually. It's up to you to take the steps necessary to secure your financial future, and that of your family.

Here are some typical questions we hear from our retirement saver clients:

• I'm 48, so maybe I'm a bit late to the game, but the internet says I should save 10-15% of my income. I'm putting this in a savings account every month. Am I doing everything I need to do?

• I hear all these Open Enrollment buzzwords like "Roth" and "traditional", "IRAs" and "401(k)s". And then these 403(b)s and HSAs. What decisions should I be making with all of this?

• My parents collect Social Security checks every month, but I keep hearing in the news that Social Security is going to run out of money. Am I going to be taken care of? And what about my parents?

• HR at work says my retirement savings are invested in annuities and money-markets. Is that good? Is that right for me? What other options are out there?

Magnolia Money advisors can clarify the terminology, illustrate the savings math, estimate future net worth, and help you plan for a secure transition from the work force to a stable retirement. Contact us via phone, email, or social media to learn more, or to schedule a free no-commitment 30-minute consultation.