David Giertz has worked in the financial services industry for more than thirty years now. Mr. Giertz has provided valuable service in the industry at a variety of companies and also works as a Certified Business Coach. Before entering the workforce David Giertz attended Millikin University and received a Bachelor of Science Degree. Giertz completed his education at the University of Miami where he received an MBA.
Recently David Giertz took a moment to offer sage advice to those interested in retirement planning.
How Is A Financially Stable Retirement Secured
Retirement saving is not easy. This is because it is almost always unclear how much money you will need to secure you throughout your retirement. It is important to remember that more money will be going out than coming in so enough money to last the rest of your years is needed. Retirement accounts are great investments but often do not provide the needed amount of money. Strong consideration should be given to other income possibilities to insure your financial stability.
Can Investing Be The Key To Financial Freedom
First, calculate the amount of money you will have at retirement time. This is also where an accurate representation of your retirement needs is necessary. Traditional formulas suggest that roughly 15 times your yearly income should be saved.
What Happens When You Retire Early
Once the amount of money you will need to sustain you is known you then need to add some flexibility to your plan. Typically there is a 10% penalty for withdrawing from a retirement account early. Fortunately there are exemptions from this. If determined to retire early, a Roth IRA is probably the way to go.
How Do I Invest
The suggested way are the combined benefits of you savings account with a brokerage account. This will give the future retiree more alternatives than other strategies. Extra cash can also be saved in a health savings account.