Maximize Your Retirement Savings

You’ve already started saving for retirement and now you need to make sure that you’ve saved enough. And, by the way, how much is enough? Here are some questions you might ask: 

How much do I have now? How much will I need (each year) to continue the lifestyle I want? Have I accounted for inflation? Am I saving in a way that works best with the tax codes? As I age, what accommodations will I need to make regarding health care planning? What role will Social Security play? How about Medicare? There are several things to keep in mind such as making sure you have enough, diversifying your savings for tax purposes, a health care plan, understanding social security, and more.  

If you’re a business owner, have you thought about a succession plan? Who will carry on the business on after you retire? Do you have employees you would trust to carry on? How can you use proceeds from the business (sale, ongoing revenue, a combination) to help fund your retirement?  

Talk with your local TowneBank banker about a consultation with the professionals at Towne Wealth Management. They can help you answer all the retirement planning questions and build the right savings strategy.