retirement plans

Factors That Impact Your Retirement Savings Plan

October 19, 2021

October 19, 2021: Have you been wondering about what the key factors in retirement planning are? If you’re still in the midst of drafting your Retirement Plans, it’s important to understand the different components of a good plan and the factors you should take into account when making it. Adjusting your investments as you age, diversifying your accounts, and starting to save money early can all affect your funds when you finally reach retirement. From the basic steps in retirement planning to the types of risks you may or may not want to take on and more, here are the key facts you need to know before you finalize your new retirement savings plan.

Your Amount of Investment Risk

Although your first instinct may be to put your retirement funds into potentially high-yielding investments, it’s important to remember that in some cases, high-yield investments can also be high-risk. You can invest in riskier ventures when you’re younger, but if you’re beginning to approach retirement, you may want to shift some of your funds to safer investments. Having age-appropriate retirement investments can help ensure you have a safe, healthy nest egg come retirement time.

The Types of Retirement Accounts You Hold

Diversifying your retirement accounts can also affect your ultimate financial security in retirement. You can usually open more than one account and spread out your savings for additional financial safety. Some popular retirement account options to ask your advisor about include:

  • Non-Qualified Annuity
  • IRA Annuity
  • Roth Annuity
  • 5-Year Multi-Year Guaranteed Annuity

How Much, How Often, and How Early You Save

Of course, the biggest factor impacting your retirement savings is the amount of money you manage to put away. Saving retirement money often and from as early an age as possible can make all the difference. Even if you haven't yet started to put money away for retirement, you can still turn things around by making all the right moves going forward. To accomplish this, make sure you’re committed to:

  • Putting away retirement money every paycheck
  • Automating each retirement contribution, so you don’t forget to make it
  • Starting to put as much money away for retirement as you can as early as possible
  • Regularly reviewing your retirement strategy and making any necessary adjustments to keep your retirement plans on track

When you start drafting your Retirement Plans, you’ll want to take all the different factors that can impact your retirement funds into account. From decreasing your number of risky investments as you get older to opening a few different retirement accounts to saving money as early as you possibly can and more, these key factors can help you save up more cash. Follow these tips, and you could retire in financial comfort one day.

About 1891 Financial Life

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