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What Can Five Years of Work Do For Your Retirement?

12/1/2014

 
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One of the main reasons we plan so carefully for retirement is that we can't wait to get there. But before you get carried away and get in a hurry to retire, stop and think carefully about whether you've really saved enough money to quit working. In today's competitive workplace, it could be difficult to go back to work if you find yourself needing more income after retirement.

One way to provide a more comfortable retirement, and prevent financial difficulties after you stop working, may be to postpone retirement by five more years. That idea may not appeal to you at first, but consider the effects five more years of savings could have upon your retirement income.

1. After you turn 50, you can make additional catch up contributions to your IRA, 401(k), or other retirement plan. Beginning in 2015, you can contribute an addition $6,000 to your retirement account each year. In five years you'll have saved an extra $30,000, plus interest, more for retirement. Remember, that's in addition to your regular tax-deferred contributions, which can reach $18,000 per year beginning in 2015.

 2. With years of experience under your belt, you're probably at the peak of your career now. This is a great time to pay down your debts, so that you can enter retirement free of high-interest credit card bills.

3. Over the course of five years, the funds in your retirement account could accumulate considerable interest. As your capital grows, this will further boost your eventual retirement income.

4. No one likes to think about the end of their retirement years, but it's something we can't avoid. When you work for five more years, you also shorten your retirement by five years. You'll be less likely to outlive your money and run into needing additional income at the end of your life.

Delaying retirement may not be the right plan for everyone. But when you consider the positive impact it could have upon your retirement savings, it's easy to see why some people decide to work just a few more years.

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    Kirt Carstens

    Carstens Financial Group focuses on providing comprehensive asset management, estate planning and life insurance solutions. Allow us to help you secure your financial future.

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Kirt Carstens, CLU, ChFC
Investment Advisor Representative
P: (712) 332-5960
F: (712) 332-5391

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Arnolds Park, IA 51331
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This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation.

Securities and Advisory Services offered through CreativeOne Securities, LLC Member FINRA/SIPC and an Investment Advisor.  Carstens Financial Group and CreativeOne Securities, LLC are not affiliated.
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This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional.  The statements and opinions expressed are those of the author and are subject to change at any time.  All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only.  It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 

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  • Home
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