Get Used to These New Retirement Realities

This is no longer our parents’ generation when it comes to retirement. These days, Americans are having to take more personal initiative to save for retirement. Retirement also tends to come later in life than it has in the past.

It’s important to be saving 15% of your income specifically for retirement. The sooner you can start doing so, the better.

You should also have a back-up plan, since most people are typically faced with more financial requirements in their retirement than they anticipate, especially when it comes to healthcare. Supplement your retirement with a Roth IRA and 401(k), if you can.

Working longer can help keep your mental health strong. Use it or lose it!

Bottom line: save more, save earlier, and be postpone retirement.

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About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
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