Frequently Asked Questions

Retirement Watch USA is an online resource to help those trying to put the pieces together in their retirement savings. The financial experts at DeWitt & Dunn work to help people prepare for retirement every day, and know that there are many questions that come with planning for retirement and making sure your money is safe. We have consolidated some of the most frequently asked retirement questions to better help you understand how to plan for your future.

Your living expenses may increase or decrease at retirement but will likely not stay the same. You may travel more, reduce business expenses such as eating out and transportation costs, perhaps your house will be paid off. Make sure you take into account how life will be different in retirement so that you can properly prepare!

The majority of Americans have no idea how much money they should save for retirement and many more just throw a number out there as a “guesstimate.” That’s no way to properly plan for retirement. You really need to have a good idea of what your monthly or annual expenses will be – including a buffer for unexpected expenditures and then you can plan your retirement income streams to meet or exceed your expenses. The experts at DeWitt & Dunn can sit down with you to evaluate your savings and help get you on the right track!

Don’t be one of those unfortunate individuals who discover that they didn’t save enough money for retirement after it’s too late to do anything about it. Make sure you consider all possibilities, including medical expenses and emergencies. Our retirement savings experts can help give you a personalized snapshot of what your financial situation may look like in your golden years.

The two commodities affected by inflation that will impact your retirement plans the most are food and energy. However, food and gas prices are left out of the calculation for “core” inflation as reported by the Federal Bureau of Labor Statistics. Try to use the actual inflation rate, which includes food and energy, in order to get a more realistic picture of your future expenses.

When it comes to retirement savings, every case is different. The longevity of your savings is impacted by the expenses you incur each day, which can be anything from eating out to an extended medical stay. In order to fully understand how long your savings will last, make sure you’re taking those factors into account. If you aren’t sure where you stand, our financial experts can sit down with you to help you understand your finances.

A penny saved is a penny earned, but a penny saved today is a penny potentially earning more. The sooner you begin to save, the better off you’ll be. Our experts can run calculations to show you how much more you’ll accumulate by retirement by beginning your savings plan today rather than waiting. They can also help assure you that your retirement savings strategy is the best fit for you!

It may surprise you how much you can accumulate for retirement simply by foregoing a few luxuries such as a one-time purchase of a boat or cabin, or trimming back recurring monthly expenses such as eating out, movies, magazine subscriptions, cable tv programming, video rentals, vending machines, etc. If you’re looking for a boost to your retirement savings, you might consider rethinking your discretionary expenses.

Since each individual is different, it is best to schedule an appointment with one of our financial experts so they can give you a snapshot of your finances at retirement. They are able to fit a strategy specifically to you to make sure you’re meeting your retirement savings goals.

There are many questions to consider when deciding whether to invest in a Roth 401k or a traditional 401k. With a Roth 401k, your contributions are made with after-tax money and with the traditional 401k, contributions are made with pre-tax money. Taxes are paid at some point using either plan, but depending on your retirement savings strategy, one plan may benefit you differently than the other.

Other websites by DeWitt & Dunn Financial Services:

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