Dwight Dykstra discusses the basics of retirement planning


Dwight Dykstra discussed the basics of retirement planning

ORLANDO,, FLORIDA, USA, October 18, 2021 /EINPresswire.com/ – Whether retirement is just around the corner or decades away, there are a few basics you need to master to build a solid financial foundation for yourself, says Dwight Dykstra. As a successful financial planner with over three decades of experience, Dwight says there are universal tips for anyone ready to begin planning for retirement.

Start early advises Dwight Dykstra
When it comes to retirement planning and savings, the sooner the better, says Dwight Dykstra. Most people who plan for retirement successfully take full advantage of the interest. The longer you leave your investments in the market or in their accounts, the more time they have to build up and increase your wealth.

While most people end up earning later in their careers, it’s not worth the wait. Even with small, regular deposits, the money you make with compound returns is hard to make up with with lump sum deposits alone. This is especially true if you wait to start saving into your 40s or 50s.

Do your research
Financial lingo can be overwhelming for many people at first, says Dwight Dykstra. But it’s important that you do your research and understand exactly what you’re getting into when investing in a particular type of account. If you don’t do your research and choose based on your specific circumstances, you could end up with a much lower return in the long run.

Pay close attention to the tax implications of different types of accounts, says Dwight. With most retirement accounts, you can contribute pre-tax income. This lowers your overall tax eligibility, which can save you a lot of money, especially if you are in the lower end of your tax bracket.

On the other hand, Roth accounts are taxed now rather than later, which means that when you withdraw funds during retirement, they are tax exempt. It could save you a lot of money if tax rates are higher in the future or if you retire in a higher income bracket than when you put money in the accounts.

Talk to a professional about which investments are best for you and your situation.

Take advantage of employer matches
Whatever the percentage, if your employer offers to match your contributions to your retirement accounts, take advantage urges Dwight Dykstra. It’s basically free money! Just make sure you understand the policies regarding when you will be invested, otherwise you risk losing those gains by changing companies too early.

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