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Taking Inventory in 2024: Where's Your Retirement Nest Egg Sitting?

Taking Inventory in 2024: Where's Your Retirement Nest Egg Sitting?

January 25, 2024

The new year is here, and a fresh wave of resolutions comes with it. For many, 2024 is the year to tackle the elephant in the room: retirement savings. Whether you're just starting or nearing the finish line, taking an honest inventory of your progress is crucial. So, grab your metaphorical financial binoculars and let's climb the retirement mountain together. What can you see on the horizon?

Early Climbers:

If you're in your 20s or 30s, congratulations! You're starting the climb early, which gives you a huge advantage. Time is your greatest asset, so don't let it slip away. Here's where you can focus:

  • Start small, but start now: Even a few dollars saved daily adds up over time. Take advantage of company-matched retirement plans, and consider contributing beyond the minimum. Self-employed? Contact Dixon Financial Group, LLC, to start your retirement saving journey.
  • Automate your savings: Set up automatic transfers to your retirement account so you don't have to think about it. Out of sight, out of mind (and out of temptation!)
  • Embrace the power of compound interest: It's like magic for your money. Let your early contributions grow undisturbed, and watch your nest egg snowball over the years.

Midway Climbers:

For those in their 40s and 50s, the climb gets steeper. You've got more expenses but also have more experience and earning potential. Here's your game plan:

  • Review and adjust your contributions: Have your income or expenses changed? It's time to re-evaluate your savings goals and adjust your contributions accordingly. Aim for at least 15-20% of your income.
  • Diversify your portfolio: Don't put all your eggs in one basket. Spread your investments across different asset classes to mitigate risk and maximize returns; this is where Dixon Financial Group comes in.
  • Catch-up contributions: If you're behind, take advantage of catch-up contributions allowed by the IRS. It's a chance to accelerate your savings and bridge the gap.

Summit in Sight:

For those in their 50s and 60s, the summit is within reach. But don't get cocky! Here's how to finish strong:

  • Double-check your retirement age: Are you planning to retire early or later? This decision will affect your withdrawal strategy.
  • Calculate your expenses: How much will you need to live comfortably in retirement? Factor in healthcare costs and potential lifestyle changes.
  • Review your portfolio: Is your asset allocation still appropriate for your timeline? Consider adjusting to a more conservative approach as you near retirement.

Remember, everyone's climb is different. Don't compare your progress to others. Celebrate your milestones, and adjust your pace as needed. And most importantly, don't be afraid to seek help. Financial advisors can be invaluable partners in navigating the retirement landscape.

Taking inventory of your retirement savings is not about self-reproach; it's about empowerment. It's about understanding your present, planning for your future, and taking control of your financial destiny. So, grab your metaphorical walking stick and put on your most determined boots, and we'll conquer that retirement mountain together!

Please contact us with any questions and for guidance; we are on this journey together.

Happy climbing!

David Dixon, CFP®

Jacob S. Bierstedt, CFP®, ChFC

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