Building A Retirement You're Proud Of

Imagine retiring with the peace of mind that comes from knowing you've built a future you can truly be proud of. For many, this dream hinges on a solid foundation of smart savings and strategic planning. Let's dive into 3 tips on how you can make this a reality.

1. Develop smart savings habits throughout your career

Start by saving enough to at least cover your company match ( this is usually 3-6%)—it's essentially free money.

Then aim higher by saving 10% of your gross income

Ultimate savings is 15% or more of your gross income specifically for retirement ( 401(k)'s, IRA's )

These habits create a robust financial cushion that can withstand life's uncertainties.

2. Focus on growing your retirement nest egg to a desirable amount.

A good rule of thumb is to have 25 times your annual expenses ( example is $50,000 annual expenses x 25 = $1,250,000)

Another good rule of thumb is, 10 times your average lifetime working salary ( average lifetime salary was $100,000 x 10 = $1,000,000).

You can see that these numbers aren't the same, but both will provide you a number to shoot for and both are substantial reserves to ensure you can maintain your lifestyle without financial strain, providing both security and flexibility.

3. Aim to be financially healthy in retirement.

This means spending money on what you love without accruing debt or feeling guilty, knowing you've carefully planned for these moments.

Imagine enjoying travel, hobbies, or simply savoring time with loved ones without financial stress.

Final Thoughts

At Wela Financial Advisory, we pride ourselves on being excellent communicators and reliable retirement coaches for you to accomplish all 3 of these things. Our heart-of-a-teacher approach ensures you're equipped with the knowledge and tools to make informed decisions about your financial future. If you want to building a retirement you can be proud of, then let's talk soon and embark on this journey together.

Your future self will thank you!

Your Wela Financial Advisory Team

P.S. If you have already done all these things, great work! If you want someone in your corner to help guide, lead, and encourage in retirement we would be honored to help. We pride ourselves in overall financial planning and investment management for retirees and pre-retirees.

_{Brent Forrest & Associates, LLC. dba Wela Financial Advisory (Wela) is a registered investment adviser. The information presented is for educational purposes only. It should not be considered specific investment advice, does not take into consideration your specific situation, and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. This article and images may have been enhanced by utilizing artificial intelligence (AI). Brent Forrest & Associates, LLC dba Wela Financial Advisory (Wela) is a registered investment adviser. The information presented is for educational purposes only and is not intended to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Wela may discuss and display, charts, graphs, formulas which are not intended to be used by themselves to determine which securities to buy or sell, or when to buy or sell them. Such charts and graphs offer limited information and should not be used on their own to make investment decisions.}