Paul Tyler

By Bob Haegele

February 14, 2022

Saving for retirement can be a struggle. You might have many years left in your career, and it can seem almost impossible to save the necessary hundreds of thousands or even a million dollars. While a million dollars is still a lot of money, there are some simple habits you can start today that will help you save for retirement.

Everyone has different goals, of course, and you may not quite be aiming for a million bucks. Whatever dollar amount you have your sights set on, the basic principles for retirement savings are the same. Put the right systems in place, and you won’t even have to think about it very much.

Let’s dive into five simple, yet effective ways to get started on your retirement savings.

Start Investing at Work

For most of us, the first way to start investing is to do so at work. If your employer offers a retirement plan (or multiple plans), be sure to contribute to those plans monthly. Some employers may opt you in automatically, but double-check to ensure you are contributing. Retirement plans are tax-advantaged, so they will make your money go further.

Richard Tatum, president of retirement services at VestWell, recommends opening an IRA if you don’t have a 401(k) or a similar plan at work. “If your employer doesn’t offer one, ask your financial advisor about opening an IRA (individual retirement account), which is also a tax-advantaged retirement savings account, but it doesn’t require a company to sponsor the account to open one.”

Take Advantage of Employer Matching

Employer-sponsored retirement plans such as the 401(k) often come with employer matching, and that’s something everyone should maximize. No matter what your retirement goals may be, employer matching is one of the easiest ways to increase how much you save.

The way employer matching works is simple: any time you contribute to your retirement plan, your employer matches that contribution. There are usually limits on how much they will match and the percentage may be different in some cases, but you are guaranteed to have extra retirement savings if you take advantage.

“Employers will often match a certain percentage of your retirement plan contributions,” says Tatum. “Make sure you’re putting in enough to at least get the maximum they will contribute — it’s free money!”

Save Money Before Anyone Knows You Have It

Let’s face it: getting paid can be very exciting. You see your paycheck come through and you immediately start thinking about all the things you can buy with it. A new phone, some new clothes, or whatever it is that interests you. But if you never see that money come through, you’ll probably be less tempted to spend it!

“Try bumping up your 401(k) contribution by just $50 to $100 each paycheck,” says Paul Tyler, chief marketing officer at Nassau Financial Group. “If anyone is watching the bank deposits, they probably won’t notice. But you will be surprised even in the first year how much faster your account will grow.”

Read the entire article, here: https://www.gobankingrates.com/retirement/planning/save-for-retirement-simple-habits/

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The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

…Your financial situation

While you may end up taking an offer because you’re making the best of a bad situation, you’ll want to consider a number of issues that may arise if you’re not employed. But while you’re taking early retirement from this company, that doesn’t mean you have to retire. You’ll also want to consider how accepting the offer affects your retirement finances such as Social Security.

If working is a lifestyle decision, you’re in an enviable position, but whether working is a choice or not, you’ll still need to assess your financial picture, especially if you’re on the younger side. Chuck Czajka, founder and CEO of Macro Money Concepts in Stuart, Florida cautions that “The younger you are, the more stress will be placed on retirement assets.”

“Do you need to work to pay your bills,” says Tyler. “You may be lucky enough to have earned and saved enough to be financially independent. If you fall into this rare category, congratulations.”

If the offer is generous and you think you’re able to retire, experts recommend that you review your finances thoroughly before making that decision.

You’ll want to ask yourself:

• Do you have enough to live comfortably in retirement?
• Are you old enough to access retirement accounts such as a 401(k) or IRA penalty-free?
• Do you have access to healthcare, and will you be able to afford it?
• What other sources of retirement income do you have available?
• Will taking early retirement have a negative impact on your pension (traditional defined benefit plan)?
• Do you have hobbies or other pursuits that you are passionate about if you retire early and no longer have work to keep you motivated and engaged?

If you retire early, you might be able to get by for a few years until you can access your full retirement funds at age 59 1/2. However, you’ll also want to consider how early retirement affects Social Security, a decision that will impact your monthly benefits for the rest of your life:

• Calculate your benefits to see how much retiring now will affect your payout later.
• Have you already worked enough to claim a sufficient benefit?
• Will you be able to pull through financially until Social Security kicks in?
• Will you opt for an early benefit rather than your full retirement benefit?

While early retirement sounds attractive, you’ll want to keep these questions in mind and consult with a financial planner and/or tax professional, because you may be giving up more than you anticipated – financially and otherwise – when you first decided to retire. …

Read the full article: https://www.bankrate.com/retirement/should-you-accept-early-retirement-offer/

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The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Paul Tyler, one of the That Annuity Show hosts and Nassau CMO, was a recent guest on Kevin McCullough Radio! Paul joins Kevin to talk about annuities and market predictions.

Listen to the audio release, here: https://soundcloud.com/kmcradio/20211206-annuitys-and-predicting-the-right-time-for-the-market-with-paul-tyler

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The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

How to make sure your clients avoid playing games with their retirement funds.

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The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.