Retirement Planning

Your Golden Years Depend on Today's Preparation

We work hard our entire lives, looking forward to enjoying our golden years in peace and comfort. Do you daydream about retirement? Traveling the world, spending time with grandchildren, pursuing hobbies? A retirement planner in Akron, OH, can help.

Many of us have visions of an active, comfortable retirement. However, few people understand the preparation required to make those dreams a reality.

Saving for retirement is a big responsibility. At Carrington Financials, we want to protect our community and implement strategies to secure your retirement. We believe financial literacy is the key to achieving this. Our goal is to educate clients so they understand the products they purchase and have a plan that grows with them over the years.

How Can a Professional Retirement Planner Help You Reach Your Goals?

You may think, “I’ll just set aside some money from each paycheck for retirement. Why involve a financial planner?” Setting aside random amounts often backfires. Instead, we’ll work with you to set clear goals based on your unique situation. Then, we’ll put together an investment plan to help you reach those goals.

You need an expert to create a tailored strategy based on your unique situation and goals. At Carrington Financials, our retirement planners in Akron, OH, approach retirement strategically. We establish clear objectives and then build an investment plan to reach them. You benefit from accountability and direction instead of guesswork.

When Should You Start Retirement Planning?

Ideally, you should start planning the day you start working. But let’s be honest – when you’re in your late teens or early twenties, it’s tough to think about putting money away for the future. You’ve got bills to pay, fun to have, and a whole life ahead of you!

Don’t get discouraged if you didn’t start saving right away. The best time to begin is right now – whether you’re in your 30s, 40s, or 50s. The earlier you start, the more time your money has to accumulate.

Beginning the planning process now gets the ball rolling. Then, you can work at your own pace to start enforcing the strategy. Know that it’s never too late to create a plan.

How Does a Savings Account Differ from a Roth IRA?

So, you’ve decided to start saving for retirement. Good choice. Now, to save money for later, you need to put it somewhere. Generally, people choose between two options:

Savings Accounts

A basic savings account through your bank is helpful for short-term goals like an emergency fund. It offers easy access with limited restrictions on withdrawals. Interest rates are lower, but funds remain liquid.

Roth IRAs

A Roth Individual Retirement Account is intended explicitly for retirement. You fund it with after-tax income, allowing the money to grow tax-free over time. Unlike savings accounts, IRAs have annual contribution limits and restrictions on early withdrawals. However, they offer far higher growth potential.

While a basic savings account meets some needs, IRAs are superior for long-term retirement savings because they offer tax-free growth.

How Much Should I Save for Retirement?

This is usually the first thing people ask when they start thinking about saving for retirement, but the answer isn’t always straightforward. Generally, aim to save at least 15% of your annual pre-tax income. This rule of thumb works well for maintaining your current standard of living.

So, if you make $50,000 a year, you should aim to save at least $7,500 for retirement. But you may want to travel the world or have big retirement plans requiring extra savings. Or you may be content with simpler living after retiring. Your strategy adjusts accordingly.

Meeting with a professional planner allows you to define goals for your ideal retirement lifestyle. A retirement planner in Akron, OH, can then develop a savings plan to make your vision a reality.

At Carrington Financials, we understand that retirement planning needs can vary depending on where you live. That’s why we’ve expanded our services to Georgia, Texas, and Arizona, in addition to our home state of Ohio. We are licensed and have books of business in all of these states.

How to Choose the Best Retirement Planner to Help Me Prepare?

As you can see, properly planning for retirement is complex. You don’t have to figure it out alone. Choosing an experienced planner is the first step to preparing for a comfortable future. Here is how to select the best fit:

Expertise

Seeking an expert with retirement planning knowledge is vital. Look for someone well-versed in strategies across income levels. Don’t be afraid to ask about their qualifications, years of experience, and track record of success.

Reputation

Take some time to research potential planners’ reputations. Read online reviews and ask around for recommendations from friends and family. Keep an eye out for common themes in feedback regarding the planner’s communication, attentiveness, and results. Consistent positive reviews are a green flag.

Price

There’s no getting around the fact that professional retirement planning comes at a cost. However, it’s an investment that can pay huge dividends and help you be financially prepared for retirement. Some planners charge a flat fee, while others work on commission. We recommend choosing a fee-based planner for maximum transparency and fewer potential conflicts of interest.

As long as the cost fits within your budget, it’s money well spent for the peace of mind and financial security down the road.

How Carrington Financials Can Help?

At Carrington Financials, our mission is to serve the community with compassion and integrity. Our retirement planners in Akron, OH, aim to make financial literacy accessible through transparent education. The team has years of experience simplifying complex strategies for retirement, insurance, and beyond.

Expert planners will take the time to get to know you and your retirement dreams. Then, we’ll create a personalized savings roadmap to make those dreams a reality. And as a one-stop shop for insurance, we meet all your needs seamlessly.

Contact Carrington Financials Today

Too often, people put off retirement planning because it seems so far away – until one day, it’s not. With sound preparation years in advance, you can retire comfortably on your terms. The time to start planning is now, no matter your age or career stage.

Take the first step today by contacting Carrington Financials. Together, we’ll create a retirement plan that will enable you to face the future with confidence and excitement.