Will you ever be able to retire?

As we begin to head out of winter and into weather that's beginning to look like spring, it's time to think about planting the seeds for your financial future. In spring, as green leaves and grass appear and flowers begin to sprout, it's also a time that many focus on spring cleaning activities. Spring cleaning isn't just about purging or organizing your possessions; it's also a time to assess your financial well-being, including planning to ensure you can retire when you want to.

2024 is a peak for many baby boomers to retire. Millions of Americans are nearing their golden years and are still financially unprepared for retirement. According to U.S. Census Bureau data, 50% of women and 47% of men between the ages of 55 and 66 have no retirement savings.

If you haven't already, you should begin looking at your financial goals and starting a retirement fund. Many people don't know how to begin. That's where you might want to explore working with a financial planner who knows your personal goals and the market.

“I see people who think they’ll never be able to retire,” says Financial Advisor Chuck Vercellone of Wealth Strategies Group in Troy. “Sometimes you just need a little help and motivation.”

One way to approach your financial goals is to break them up into 13-week chunks. Choose one goal – such as creating a livable budget or putting a set amount into your retirement fund every paycheck – and practice it for 13 weeks. Once you’ve established a new spending or saving routine, focus on another goal for the next 13 weeks. You could have four new financial habits by the end of the year.

You can do it if you’re comfortable with your financial planner.

“Many of our clients choose us because they want better communication with the person who is planning their future. Or they’re concerned about high fees, poor performance, or lack of advice. That’s why we start with a plan and regular checkpoints,” says Vercellone.

“I check in regularly with my clients to see what’s happened in their life that might impact their retirement goals, such as a change in employment, a new grandchild, or a divorce in the family,” he says. “Or maybe you’ve just changed your objectives, which could alter how much you’ll need in retirement.

“We’re here to ensure your plan aligns with your goals. What are the odds you’ll maintain your assets through your expected lifespan? That’s what your plan should address.”

As we head into spring, this is the perfect time to start by reviewing your current plan.

“There are many changes happening. The standard deduction is increasing. Tax brackets are going up, so you might be able to take more out without penalty,” says Chuck. “Did you miss out on adding money to your 401k? Now is the time to ensure you don’t miss out on the rest of 2024.”

For a fresh review of your plan and goals, visit www.wsgllc.net or call Chuck at (248) 680-4622.