Retirement Planning

Prosper Financial is a group of retirement planning specialists. Our financial advisors have worked with businesses and individuals across Northwest Indiana to assist them in planning for their future. We can help you find answers to all your retirement questions and develop a unique plan for your needs.

Retirement Planning

When people are young and new to the workforce, they seldom take any steps to prepare for their future retirement, which can be a huge mistake. The sooner you put a strategy in place to prepare for retirement, the better. Moreover, the later you start preparing for retirement, the less time you will have to save or invest, and this can often translate into more time you’ll need to continue working.

When Can You Retire?

Determining when you are realistically prepared to retire is a challenging matter and an issue that many people struggle with. This is one of the most critical financial questions you need to get answered, so you can begin planning for your future. You do not want to wait until you are dependent on your retirement funds to discover that they are insufficient for your needs.

When you are realistically able to retire will rely on how much funds you have saved and what your future expenses will look like. Our skilled retirement advisors can help assess your financial needs and goals to gain a better picture of your individual retirement options.

How Much Money Will You Need to Live Comfortably?

Many people are astonished when they discover how much money they’ll need for retirement. The usual recommendation is that you will need to replace between 70 and 90 percent of your pre-retirement earnings through your Social Security and personal savings, and then multiply this number by the number of years you anticipate living after retiring.

What are the Different Types of Retirement Plans?

There are many different ways to save for your retirement and understanding the risks and benefits of each is important. Some options include:

  • Personal savings accounts
  • IRAs and Roth IRAs
  • 401(k) plans
  • SEP accounts
  • Simple IRA
  • 403(b)
  • Deferred Compensation Plans

How Do Social Security and Medicare Impact Your Retirement Plan?

When planning for retirement and evaluating how much money you need to retire comfortably, don’t forget to consider how Social Security benefits and Medicare will impact your finances. If you’ve contributed to Social Security and earned enough work credits to receive benefits, you can collect benefits as early as age 62, although waiting until you reach your full retirement age ( or later) is recommended.

Ask About Retirement Planning Today

Retirement planning is fundamental in ensuring that you enjoy a quality lifestyle after you stop working. It is never too premature or too late to plan for retirement, regardless of age or wages.

At Prosper Financial, our team of financial advisors is here to assist you in understanding your retirement options and developing a unique retirement plan that works for your situation. Please call our Schererville office today or fill out our online contact form to schedule an appointment.