Although it may seem like a long way off, starting earlier can help you accumulate wealth and deal with unexpected bumps along the way. It’s important to consider:
– What do you want out of retirement?
– How much do you currently take in and spend?
– How much will you need to maintain a comfortable lifestyle?
As a rule of thumb, you’ll need between 60-80%* of your current income to maintain your standard of living, but this will vary based upon how soon you enter retirement. To help you estimate these considerations use our tools below.
It’s easy to put things off until tomorrow… or maybe the next day. But with retirement, budgeting is required today. And contributing regularly can help you accumulate assets faster. Developing a monthly budget and learning to stay within its boundaries will help you make these contributions. Additionally, your budget will help you track your spending and develop the discipline that can help you when you finally enter retirement.
When creating a budget, carefully weigh competing demands such as:
– Paying off debt
– Managing a mortgage
– Taking a vacation
– Raising a family
– Saving for college
See how these financial considerations – and waiting to invest for retirement – can cost you in the long run.
After assessing your situation, it’s time to look into available choices and then start investing. When weighing your options, consider:
– How involved you want to be in managing your assets.
– Whether there are any benefits to using your employer’s retirement plan.
Depending on your answers to these questions some products may be better suited to your needs. If you’re the do-it-yourself-type, our Mutual Fund Premier List, ETF Market Center, and research capabilities can help you decide between a traditional, Roth, or Rollover IRA. For help, contact one of our New Account Representatives.
Whichever option you select, utilizing features like automatic contributions to may help keep you and your investments on track.
It’s important to monitor your investment strategy regularly. As your situation changes, you may need to adjust your allocations or investment strategy. No matter what plan you’re using, doing it on your own or a guided solution, it’s important to evaluate your progress from time to time. To help you do this we offer a number of intuitive tools that let you estimate the amount you need to retire and potential earnings, and knowledgeable support from our New Account Representatives, who can help you identify areas of risk and discuss possible ways to help mitigate it.
Carefully consider the investment objectives, risks, charges and expenses before investing. A prospectus, obtained by calling 800-669-3900, contains this and other important information about an investment company. Read carefully before investing.
Market volatility, volume and system availability may delay account access and trade executions.
Before rolling over a 401(k) to an IRA, be sure to consider your other choices, including keeping it in the former employer’s plan, rolling it into a 401(k) at a new employer, or cashing out the account value. Keeping in mind that taking a lump sum distribution can have adverse tax consequences. Be sure to consult with your tax advisor.
All investments involve risks, including the loss of principal invested. Past performance of a security does not guarantee future results or success.
Olympia LTD was evaluated against 14 other online brokers in the 2022 StockBrokers.com Online Broker Review. The firm was rated #1 in the categories “Platforms & Tools” (11 years in a row), “Desktop Trading Platform: thinkorswim®” (10 years in a row), “Active Trading” (2 years in a row), “Options Trading,” “Customer Service,” and “Phone Support.” Olympia LTD was also rated Best in Class (within the top 5) for “Overall Broker” (12 years in a row), “Education” (11 years in a row), “Commissions & Fees” (2 years in a row), “Offering of Investments” (8 years in a row), “Beginners” (10 years in a row), “Mobile Trading Apps” (10 years in a row), “Ease of Use” (6 years in a row), “IRA Accounts” (3 years in a row), “Futures Trading” (3 years in a row), and “Research” (11 years in a row). Read the full article.
†Applies to US exchange listed stocks, ETFs, and options. A $0.65 per contract fee applies for options trades.
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