Don’t get stuck saying, “I need how much to retire?”

Published on November 20, 2014

Let’s face it: there are a lot of things competing for your hard-earned money. The mortgage, taxes, utilities, your kids’ education, vacations, car payments, health insurance and the list goes on. So where does your retirement account fit in?

The old saying “Pay yourself first” has a lot of merit. Not that you should avoid paying your bills … but paying yourself by socking away more money in your retirement account every month will go towards closing any retirement savings gap you may have.

In today’s world, it costs a lot to maintain a comfortable lifestyle during retirement, especially since Americans are living (much) longer than prior generations did. You can use a retirement calculator to find out how much you will need to have saved up by retirement age (which for many people at this point will be age 67). The calculator from the Social Security Administration gives you a very clear picture of where you’re headed and can help you avoid any nasty surprises.

Enter your current age and age of expected retirement, how much you have saved now in your retirement account and how much you contribute, and other factors. The calculator will estimate what you will have in the bank and what you’ll need to carry you through those golden years; it’s easy to see how well you’re doing so far, and what kind of shortfall you can expect.

Avoid surprise—be focused and proactive

With focus and savings diligence you can not only stay on track to meet your estimated retirement money needs, but you might even surpass that amount and breathe a little easier. One way to build up a more robust nest egg is to be sure to contribute every month to your retirement account and depending on your calculator results, add a bit more than you’ve been contributing and stay the course.

Take control of your retirement

Another great way to boost your retirement savings is to self-direct your retirement account and grow those savings through assets you know and understand. A self-directed Traditional or Roth IRA can include many nontraditional investments that may grow in value more rapidly and more aggressively—with less of those devastating stock market drops. Business owners can also self-direct a SIMPLE IRA (for employers and their employees), a SEP IRA (for the self-employed or for business owners and their employees) or a Health Savings Account (HSA). You can read more about each type of retirement plan here.

Go to the retirement calculator and plug in your figures to see where you stand today vs. your retirement savings goal. Then give Next Generation Trust Services a call to discuss how you can avert any nasty retirement plan surprises by opening a self-directed retirement plan. You’ll make all your own investment decisions (often in consultation with your trusted advisors) and our professionals will take care of executing the transactions, filing all the paperwork and managing all the reporting for you. You can reach our helpful staff at (888) 857-8058 or


Click here to learn more about self directed IRAs.

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