Top 15 Tips to Plan for a Smooth Retirement

As a CPA, it is part of my job to help people plan for their futures personally and for their businesses. This includes being ready for retirement. It is easier to start early on to set yourself up for a stress-free retirement, and to be able to meet all of your goals for you and your family.

One of the first steps for a successful retirement is to hold a meeting with your CPA, Banker, or Financial Planner to discuss your goals and specifics of income and expenses.

Here are my top 15 tips for planning a smooth retirement.

1. It’s never too early or too late to start saving for retirement. Start now and be continuous about your efforts.
2. If you are just starting out, focus on saving as much as you can now. Compounding interest to generate earnings takes you much further.
3. If you are nearing retirement, consider increasing contributions to your savings or delaying Social Security.
4. Make a list of your assets to discuss with your CPA in your planning meeting.
5. Make contributions to your 401(k) either through your work or open and fund one on your own. A CPA can help you establish an account.
6. Match your employer’s match for your 401(k) plan contributions. It’s free money.
7. Open an Individual Retirement Account (IRA). Either a Traditional IRA or a Roth IRA (federal-tax-free).
8. Set up your savings as automated, so you pay yourself first and make sure it happens. Your bank or financial institution can set it up for you through your payroll or an automatic transfer from your checking account.
9. Analyze your expenses, set up a budget, and stick to it.
10. Set a goal regarding your expenses, housing needs, savings, retirement accounts, travel, etc. Set benchmarks and review the results at least quarterly or monthly to still to the goals.
11. How’s your health? This will play an essential part in the funds necessary for retirement. You’ll need to understand what type of health insurance you’ll need to match the level of health care for any illnesses, diseases, disabilities, etc.
12. If you are fortunate enough to receive a bonus, commission or a raise, take the extra money and put it into your savings, retirement, IRA, etc. instead of spending it.

13. How much do you want to work? Does work invigorate you and you want to continue being involved with your vocation or career as long as you can? Do you want to scare back and work part-time, or do you want to retire 100%?
14. What is going on in the market? Are we in a recession which would require you to work longer or change up your type of investing to more secure vehicles? Back in 2008, when the recession/depression hit the United States, many people lost or had their retirement funds dramatically reduce and were forced to continue working much later than planned.
15. If you are closer to retirement age, consider delaying receiving your Social Security. The earliest that you can receive your Social Security is age 62. If you wait until age 70, your monthly benefits will increase much higher.

Joshua Wilson, CPA – Certified QuickBooks ProAdvisor

Joshua Wilson, CPA, is a Certified QuickBooks ProAdvisor. A Certified QuickBooks ProAdvisor is a certified independent accounting pro who can provide strategic insights to drive small business success.

QuickBooks is a valuable tool to help you manage your small business. Let us help you maximize your abilities to use QuickBooks properly in your office.

Joshua Wilson, CPA, PC, is a full-service public accounting firm that specializes in accounting, tax preparation, tax planning, & business development for small businesses in Monroe, GA, and the surrounding areas. Give Joshua a call today to set up a consultation at 770-856-1309 or email him at josh@joshuawilsoncpa.com.