RRA Educational Resources/Blog/Your Retirement Needs More: Here’s How to Do That

Your Retirement Needs More: Here’s How to Do That

You enter your career with little thought about retirement. You may contribute to a retirement account through work, perhaps even have a match your employer offers!

But in today’s society relying on a potential 401(k) and Social Security doesn’t cut it because of the financial risks that you will face during retirement like inflation rate, tax rate, and even long-term care and medical costs.

Here are a few investment options that you may want to consider if you don’t have a 401(k) or IRA:

Health savings account (HSA): If you have a high-deductible health plan, you may be eligible to open an HSA. HSAs allow you to save money on taxes and invest your savings for future medical expenses.

Taxable brokerage account: A taxable brokerage account is a type of investment account that is not tax advantaged. This means that you will have to pay taxes on any capital gains or dividends that you earn on your investments. However, taxable brokerage accounts offer a lot of flexibility in terms of what you can invest in.

Business ownership: If you’re entrepreneurial, you may want to consider starting your own business. Business ownership can be a great way to achieve financial independence. However, it’s important to do your research and make sure that you’re prepared for the challenges of running a business.

​No matter which investment option you choose, it’s important to start saving early. The earlier you start saving, the more time your money has to grow. And remember, even small amounts of money can add up over time.

Here are a few tips for investing for retirement in today:

- Set a goal: How much money do you want to have saved for retirement? Once you know your goal, you can create a plan to reach it.
- Make a budget: Track your income and expenses so you can see where your money is going. This will help you identify areas where you can cut back in order to free up more money for retirement savings.
- Automate your savings: Set up a direct deposit from your paycheck into your retirement savings account. This way, you won’t even have to think about saving money.
- Rebalance your portfolio regularly: As you get closer to retirement, you’ll want to shift your investments to more conservative investments. This will help you protect your money from market volatility.
- Learn about the risks facing your retirement: Attend our Shatter Your Retirement Risks Masterclass to learn The Top Ten Retirement Risks and modern solutions that will save you money in retirement!

Check out more webinars below:

Thursday, May 30, 2024

The Changing World of Retirement

Wednesday, April 24, 2024

Become the Boss of Your Retirement

Wednesday, April 24, 2024

Evolving Retirement Law With Secure Act 2.0: The Challenges, The Changes & Your Choices

Wednesday, April 24, 2024

Getting Safely Through Retirement: Medicare and Long-Term Care

Wednesday, April 24, 2024

Don’t Play the Lottery With Your Retirement: 5 Lessons Learned

Wednesday, April 24, 2024

Finding Bigfoot – How to Remove the Mystery for Your Beneficiaries

Wednesday, April 24, 2024

Getting Safely Through Retirement – Master Class Pt. 2

Wednesday, April 24, 2024

Getting Safely Through Retirement – Master Class PT. 1

Wednesday, April 24, 2024

Getting Safely Through Retirement: Social Security

Wednesday, April 24, 2024

Demystifying the Financial Industry: A History and Roadmap

Monday, April 15, 2024

The Top 15 Reasons Why People Run Out of Money in Retirement

Friday, April 12, 2024

Match Your Money With Your Profile for Optimal Retirement Success

logo.png

Investment advisory services offered through Brookstone Wealth Advisors, LLC (BWA), a registered investment advisor and an affiliate of Brookstone Capital Management, LLC. BWA and Retirement Risk Advisors are independent of each other. Insurance products and services are not offered through BWA but are offered and sold through individually licensed and appointed agents.

© COPYRIGHT RETIREMENT RISK ADVISORS. ALL RIGHTS RESERVED.

RETIREMENT PLANNING

Step 1 – Team Approach
Step 2 – Get to Know You
Step 3 – Design Your Plan
Step 4 – Provide Education
​Step 5 – Help You Take Action

CONTACT US

1309 Coffeen Avenue, Suite 3851, Sheridan, WY 82801

Support Staff support@retirementriskadvisor.com

Toll free: 1 (855) 491-0400
​Text us at: 1 (307) 264-2902