Effective retirement planning requires various investment focuses at various life stages. For example, liquidity of assorted accounts is much more critical in your early working years and retirement years than throughout your primary earning years. Although Cosey Financial recognizes that every investor’s needs vary, the following guidelines serve as a general retirement guideline, not specific to any one investor.

Your 20’s- Getting Started

Preparing for retirement starts early. In your 20's you should be enrolling in your company’s 401(k) plan, making smart decisions with debt, building good credit, and developing good financial habits. Learn to establish a budget, pay bills on time and credit card balances monthly, save money from each paycheck and establish an emergency fund, as well as learning to say no to impulse purchases.

Your 30’s- Finding Your Stride

In your 30's you should continue taking advantage of your company match by contributing to your 401(k), consider opening a college savings account, and ensure that you have appropriate life insurance coverage.

Your 40’s- The Earning Years

Your 40's are the time to reevaluate your portfolio’s balance, trim your budget, get aggressive with your savings, and consider converting your traditional IRA to a Roth.

Your 50’s- The Earning Years (cont.)

In your 50's you can take advantage of IRA “catch-up” provisions, consider purchasing long-term care coverage, protect your portfolio's growth by reducing risk exposure, and conduct a realistic assessment of your current financial situation. You should identify your “worst-case” scenario and reevaluate your current level of savings as well as your expected retirement date.

Your 60’s- The Home Stretch

Your 60's may be the time to consider delaying your retirement date (if necessary). You might delay withdrawing Social Security benefits, begin to implement and realize your financial plan, evaluate Required Minimum Distribution planning, and closely evaluate your tax plan for retirement years.

Retirement Planning Should Start Early

Let us help you get started today.

Contact Us

Cosey Financial Services, Inc.
118 Huxley Road, Suite 5
Knoxville, TN 37922

Phone: (865) 470-4244
Fax: (865) 288-0292