Employees taking on more of the burden for retirement savings.
With more employers cutting back on expensive profit sharing, pension or 401(k) plans, more of the burden for retirement savings will be passed onto employees.
If you are self-employed, then the entire burden falls upon you to fund retirement.
Should you save $2,000 per year beginning at age 23, earning the approximate annual market return of 8% per year, you will accumulate $773,011 by the time you reach age 68. If you can earn 10% per year you can turn those retirement savings to $1,437,810 at age 68. Using a professional investment manager like LakeView Asset Management, LLC can help you to grow your retirement nest egg.
I cannot emphasize enough the need to save for retirement as early as possible. If you delay your retirement savings plan to age 33 then at the hypothetical 10% per year investment growth rate; that $2,000 annual savings will accumulate to only $542,048. That is a costly delay. So, whether it means forgoing a few dinners out, watching more movies at home or stretching the life of your automobile, put as much money away for retirement at as early an age as possible and seek out experienced wealth managers like LakeView Asset Management, LLC to help achieve your retirement goals.
Changing Jobs Easier With Managed Retirement Planning
Leaving a job can be a stressful event. A professionally managed account can remove the stress of trying to decide what to do with your current retirement savings. LakeView Asset Management, LLC can help you to rollover 401(k), pension, deferred profit sharing and other retirement plans from your former employer’s plan without any penalties.
If much of your retirement savings is held exclusively in your former employer’s company stock, a managed account can allow you to diversify and rollover your holdings. Avoid the Lehman Brothers, Enron, WorldCom or General Motors Syndromes. Too many former employees of these companies have seen their retirement savings disappear because of bankruptcy of their former employer’s company which made their stocks worthless. Furthermore, many former employer plans provide limited and/or high cost investment choices. At LakeView Asset Management, LLC separately managed accounts can allow you to roll over into a plan that customizes a plan to fit your needs with a greater range of investment choices.
Consolidating Plans When Starting New Business
While starting a new business can be exciting, often retirement planning gets lost in the transition. With more people starting their own business; consolidating old retirement savings and starting a new self-employment plan may be an optimal strategy. Let us guide you through that transition from an employee to an entrepreneur.
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* Disclaimer: the above returns are hypothetical and are for illustrative purposes only
