Your financial plan is how you prepare in advance to reach your goals, help your family, and have what you need for a comfortable retirement. But you may wonder how it can be possible to know how much you need and save it up, even over decades of work. Here are a few tips to help you.

  • Review What You Have Now: The first step is to take stock of what you already have saved up. You also need to think about how much you will need to pay for everything from retirement to college for the kids. Then set some goals.
  • Set a Monthly Savings Amount: There are a few factors that determine what you need to save per month, including the end balance you want and how well you expect your investments to perform. You may need to tweak some things based on your current income and expenses. The idea is to be able to set your ideal amount aside each month.
  • Plan to Continue Generating Income in Retirement – If your investments generate enough income, that’s great. If not, you need to think about work you can do, perhaps from home or part-time to supplement your retirement funds.

The Help You Need When Building a Financial Plan

College Planning Source is more than just southern California’s premier place for college admissions support. We also offer financial planning services for the entire family. Contact us today at 858.676.0700 to learn more, or you can submit our online contact form.

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