• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Wilcox Attorneys, PA

Wilcox Attorneys, PA an Arkansas Estate Planning & Trust Information Center

Northwest Arkansas Estate Planning Attorneys (479) 443-0062

Client Vault
  • Home
  • Our Firm
    • Our Firm
    • About the American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • News & Events
    • Speaker Connection
  • services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • Legacy Planning
    • Pet Planning
    • Secure Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Webinars
  • Practice Areas
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • Medicaid Planning
      • Pet Planning
      • Probate
      • Trust Administration & Probate
    • Newsletters
    • Pre Consultation Form
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
  • Blog

When to Start Retirement Planning

March 23, 2015 by Deb Sexton Leave a Comment

when to start retirement planningNo matter your age, if you are working, it’s time to start retirement planning now.  You must have a plan, because retirement does not happen all on its own.  When to start retirement planning can be tricky, though.  All of the critical information you will need to complete your retirement plan may not be available to you. So, what should you do?

Planning versus saving

You can start certain aspects of your retirement planning early.  The first step is to start saving for retirement, and that can start at any time.  But, understand that saving and planning are two separate things.  Start saving as soon as possible because, the sooner you start saving, the more you will have saved by the time you retire.  Creating your actual retirement plan, however, should be done a little farther down the line.

Start your early planning around age 35

Most people start their actual retirement planning around their mid-thirties.  The initial planning at this stage does not have to be extremely detailed.  More likely than not, there will be numerous changes taking place in your life that may require adjustments to your plan.  But, in your mid-thirties, you should at least start considering when you want to retire, so you can try to estimate how much money you will need.  At this time, you can determine whether your goals are truly realistic, based on the savings you have been able to accumulate to that point.

Formulate concrete retirement goals at age 45

When you have reached your mid-forties, you should have a better understanding of your financial situation, and real retirement planning can begin.  Decide whether you want to travel, or if you are going to stay in place, where you want that to be.  This stage is still centered on creating your goals.  However, you should have a good idea at this point how much money you should have at retirement.

Focus on your investments around age 50

Once you reach 50, the serious retirement planning should take place.  Look at your investments and determine whether they need to be transferred to safer, more stable accounts.  At this point, growth is less important, and preserving the money you have saved becomes the primary goal.  Determine when you will become eligible for any retirement benefits, because the age you start receiving disbursements can have an effect on your overall retirement plan.

Social Security benefits will not be sufficient for a comfortable retirement

There was a time when retirement was financed chiefly through employer-sponsored plans and government benefits.  That is no longer the case, as the future of social security benefits may be uncertain.  Retirement planning may be more crucial than ever.  The purpose of social security benefits, in reality, is to provide the bare minimum standard of living for retirement.  Without an appropriate retirement plan, your golden years may not be as comfortable as you hope.  So, start the planning process now.

If you have questions regarding retirement, or any other estate planning needs, please contact Wilcox Attorneys, PA online or by calling us at (479) 443-0062.

  • Author
  • Recent Posts
Deb Sexton
Latest posts by Deb Sexton (see all)
  • Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
  • Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
  • The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Wilcox Attorneys, PA

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Subscribe to Our Blog

Subscribe to our blog for all the latest estate planning news and updates!

Office Address

Fayetteville
2766 Millennium Drive
Fayetteville, AR 72703
Phone: (479) 443-0062

Office Address

Prairie Grove
1100 Division Street, Suite 4
Prairie Grove, AR 72753
Phone: (479) 846-6026

( By Appointment Only )

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM

Map

map for office
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

footer-logo

© 2023 American Academy of Estate Planning Attorneys, Inc.