The methods by which we save for retirement haven’t changed much throughout the years. That might be starting to change. But for many of use the equation is simple, we make our income and save. Is there really more to retirement planning than that? CNBC’s Bryan Borzykowski reports on the ultimate guide for 2022 retirement planning to find out.
2022 Retirement Planning
Yes, when it comes to retirement planning in 2022, one could say it’s as simple as making your money and saving it. But with inflation, a bear market, and rising interest rates, seniors can use all the help they can get. So, what does the ultimate 2022 retirement planning guide have to offer?
Know How Much You Will Need
Retirement calculators and financial advisors are a senior’s best friends. No one can predict how much they’ll need down to the cent, but we can ballpark it pretty well. Focus on housing, healthcare, insurance, essentials, and entertainment and travel costs. Add those up against your income is a good way to start.
Learn How to Save, Invest, and Build Wealth
Easier said than done. Learning how to use money to make money is complicated to say the least, and there might be some trial and error. The priority is saving money, as investing can be risky. Investing in tax protected retirement accounts, like 401(k)s or IRA is a good way to build a retirement safety net.
When it comes to investing, get as much help as you can. Navigate risky carefully, and preferably only invest when the market is strong enough to offer a health return. Assets, like homes, can be a good way to build wealth, as long as you are fully aware of the liability tied to it. For seniors, the best strategy, especially right now, is to find the most well-suited retirement fund, and take advantage of new legislation that encourages you to invest.
The Council for Retirement Security wants every senior to succeed in their 2022 retirement planning. Retirement is our right, and we need to protect it by working to protect the Social Security Trust today.
For more Social Security and Senior news, make sure to follow the Council.
