By Stephen L. Thomas | May 14, 2024 | In
Planning for retirement is a huge undertaking. Creating a plan for how your golden years will pan out requires careful consideration and clear steps. While some enlist the help of a financial professional to get started, others may choose to DIY. While both methods can be effective, the most important thing is getting started. It’s never too early or too late to plan for retirement. Choose Your Retirement Age The first step in retirement planning is choosing your retirement age. This is the age that you hope to stop working. As of 2024, the full retirement age is 67 for those born in 1960 and beyond. However, people can begin collecting Social Security benefits at the age of 62. You may choose to retire earlier or later than the Social Security retirement age. Your retirement age is important because it determines how much you need to save. Your retirement age can also impact the types of accounts and investments you use to save. Calculate A Retirement Number To calculate how much money is needed to retire, you start by looking at your current income and