Retirement Planning in Tampa

Retirement planning is something that everyone should start as soon as possible. Unfortunately, too many people put it off, assuming it is something they will be able to take care of later down the road. But, realistically, there will always be an excuse to spend money, and it’s never too early to start saving. Put it this way: the earlier you start saving, the earlier you can retire!

There are several important factors to consider when it comes to retirement planning:

  • Your timeline. How many years, roughly, do you think it will be before you’re able to retire? Approximately how much money do you want saved by then? It’s okay if you haven’t spent a significant amount of time thinking about this yet. Or, if you have, maybe you have not narrowed it down to specific numbers yet. But it never hurts to start thinking about. The more definitive you are able to get about where you want to be upon your retirement, the better you will be able to see what, and how long, it will take to get there.
  • Your current budget. Sometimes jumpstarting your retirement plans can be as easy as exploring your options. Many people that procrastinate their retirement planning do so because the thought of it simply overwhelms them. You do not need to know and understand all the fine details of different plans. But it is a good idea to familiarize yourself with the options you will have when it is time to start putting finances aside. Failing to do so will only prolong the inevitable.
  • Where to invest it. You have many accessible options—probably more than you think. Depending on how much you want to save in a given time period will determine which program is right for you. This is where having a professional tax advisor will be especially helpful.

Invest in your future.

People are often intimidated by beginning their retirement planning. But it does not have to be a stressful experience. Hiring the right personal tax team to assist you will make the process seamless and easy. However, there are a number of steps you can take on your own before consulting with your tax advisor to be as prepared as possible.

How do you begin your retirement planning?

  • Start budgeting. Unless you are being conscious of it, you will always find a way to spend money. Saving is difficult for most people, especially if what you are putting to the side is money you won’t be seeing again for years down the road. But consider: if you had started putting a small portion of every paycheck aside years ago, how would that help you today? Start saving. Determine your expense necessities. Eliminate the spending you know you do not need. Create a budget plan and follow it with discipline.
  • Scope your retirement needs. Retirement may seem like it is far away—and maybe it is. But it will probably seem a lot sooner when you start to actualize how expensive it will be to live without a constant income. Do you plan on traveling? Is it just yourself you will be taking care of? You can’t possible know and anticipate every aspect of your life later down the road, but planning ahead is always a smart decision.
  • Learn what your employer offers. Does your company offer 401ks? What about traditional pension plans?  If you are able to save a few thousand a year, you can put it into an IRA (Independent Retirement Account) which will have a number of tax advantages. With this option, you can choose to have a certain portion of your money be deducted from every paycheck you receive and automatically placed in this account. Its money you won’t miss.

At Garcia and Cuadra, P.A. we are a personal tax team that specializes in retirement planning in Tampa and surrounding Florida areas. Give us a call today to get started 813-415-2431.

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