The following is an advertisement paid for by Mattson Financial Services, LLC.

We’re back with Fox 17’s Morning Mix host, Todd Chance! Our husband-wife due, Taylor and Laurel Steward, are discussing how to MAXIMIZE your retirement! How can you give it that boost? What should you know about when it comes to those qualified retirement accounts?…(read more)

LEARN MORE ABOUT: Qualified Retirement Plans

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Retirement is a major milestone in life that many people look forward to. It is a time for relaxation, travel, and pursuing hobbies and interests that may have been put on hold during working years. However, in order to truly make the most of your retirement, it is important to plan ahead and maximize your opportunities.

One key strategy for maximizing your retirement is starting to save and invest early. The earlier you start saving for retirement, the more time your money will have to grow through compound interest. This can significantly increase the amount you have saved for retirement over time.

Another important aspect of maximizing your retirement is creating a detailed financial plan. Take stock of your current financial situation, including savings, investments, debts, and any other sources of income. Set clear financial goals for retirement and create a budget to help you achieve those goals. Consider working with a financial planner to help you create a comprehensive plan tailored to your individual needs.

One common mistake many people make is underestimating how much they will need for retirement. In addition to living expenses, it is important to factor in potential healthcare costs, inflation, and any other unforeseen expenses. Consider how you plan to spend your retirement years and adjust your budget accordingly.

It is also important to consider how you will access your retirement savings once you retire. Research different retirement account options, such as 401(k) plans, IRAs, and annuities, and determine which option is best for your financial situation. Consider working with a financial advisor to help you navigate the complexities of retirement savings and withdrawals.

Lastly, consider ways to supplement your retirement income. This could include part-time work, rental income, or starting a small business. By diversifying your income streams, you can help ensure a more stable financial future in retirement.

In conclusion, maximizing your retirement requires careful planning and foresight. By starting to save early, creating a detailed financial plan, accurately estimating your retirement expenses, and considering how to supplement your income, you can set yourself up for a comfortable and fulfilling retirement. Take the time to make a plan now, so you can enjoy the retirement you have always dreamed of.