Edward (Ed) Marsi is a respected Manchester, New Hampshire professional who engages with TD Ameritrade as senior financial consultant. Knowledgeable about retirement strategies, Edward Marsi emphasizes the importance of careful planning in order to maximize income once wage earnings are gone.
This begins with understanding that Social Security on its own is almost never enough for a comfortable retirement lifestyle. With the average person receiving monthly payouts that put the recipient at around the poverty level, the maximum benefit enjoyed by someone who begins payouts at age 70 is less than $50,000 annually.
Beyond investments, which can be discussed with an experienced wealth manager, a major aspect of retirement planning simply involves saving. By cutting out extraneous expenses, money can be steadily accumulated and allocated in diverse ways while preparing the future.
A good rule of thumb is to save approximately 15 to 20 percent of income each month, although this is a goal that many families with mouths to feed must work gradually to attain. One way to achieve savings goals is to take advantage of the automatic contributions that many retirement accounts have built in, which enable seamless, predictable wealth accumulation over time. Remember, the compound nature of savings makes it important to start putting money aside toward retirement goals as early as possible.
