• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Kulas & Crawford

Attorneys at Law

Call Now: (772) 398.0720

Attend a Free Workshop
  • Home
  • About Our Firm
    • About Our Firm
    • Meet Our Team
  • Services
    • Elder Law and Medicaid
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Financial Planning Assistance
    • IRA and Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Probate and Trust Administration
    • SECURE Act
    • Special Needs Planning
    • Veterans Benefits
  • Resources
    • Articles
    • Definitions
    • Elder Care Resources
    • Elder Law Resources
      • Elder Law Reports
      • Palm Bay Elder Law Resources
      • Vero Beach Elder Law Resources
    • Estate Plan Checkup
    • Florida Alzheimer’s Guide
    • FREE Estate Planning Worksheet
    • Free Seminars
    • Frequently Asked Questions
      • Elder Law and Medicaid
      • Estate Planning FAQ’s
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning Frequently Asked Questions
      • Probate
      • Trust Administration & Probate Frequently Asked Questions
      • Veteran’s Benefits
      • Wills and Trusts
    • Newsletters
    • Pre Consultation Form
    • Presentations
    • Probate Checklist
    • Probate Resources
      • Port St Lucie Probate
      • Stuart Probate
      • Vero Beach Probate
    • Published Books
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
    • Top Estate Planning Techniques
  • Workshops
  • Reviews
    • Our Reviews
    • Review Us
  • Communities We Serve
    • Indian River County
      • Vero Beach
    • Martin County
      • Hobe Sound
      • Jensen Beach
      • Stuart
    • Okeechobee County
      • Okeechobee
    • St. Lucie County
      • Fort Pierce
      • Port St. Lucie
  • Blog
  • Contact Us
Home >> Why Early Retirement Planning is Essential for Success

Why Early Retirement Planning is Essential for Success

March 27, 2017 by Robert Kulas.

Odds are that your successful retirement won’t happen by accident. To meet your goals, early retirement planning is a must.Regardless of whether you’re one of the many people who commit to new resolutions as a new year beckons, there’s something to be said for evaluating certain aspects of our lives from time to time. A new year’s arrival is as good a time as any to think about your goals and evaluate any ongoing strategies to see how well they’re working for you. With 2017 finally here, it might be a great time to give more thought to your retirement goals, especially if you’ve been putting off retirement planning to focus on other priorities. For a variety of reasons, early retirement planning can be essential for success.

Is it Ever Too Early to Start Planning?

Many young people put off retirement planning because those senior years just seem so far away. Most of us just assume that there’ll be plenty of time to begin to save retirement later in life – like after we get married, have children, buy a home, or get further along in our careers. Before we know it, we’re middle-aged, neck-deep in debt, and struggling to find any extra money in the budget for savings. If that sounds like a familiar refrain, there’s a reason for that familiarity. Surveys suggest that a majority of American adults have less than $10,000 in retirement savings.

That fact alone should shock all of us. By some estimates, you’ll need roughly 80% of one year’s current salary to pay for one year of retirement. If you’re one of the many whose current retirement savings amount to less than $10,000, then you’re not even prepared to finance that first year of retirement. Without the savings you’ll need to retire properly, you could be left to survive on nothing more than your meager Social Security benefits. Obviously, that’s probably not how you imagined your retirement playing out.

With those facts in mind, it should be clear that it’s almost never too early to begin your retirement planning effort. When you’re young, you have the advantage of fewer financial responsibilities. After all, most young people don’t have expensive mortgages, childcare expenses, or the other major costs that often arrive in the average person’s thirties or even forties. As a result, many of us can save more money toward retirement when we’re younger than if we wait until we’re older.

The Advantages of an Early Start

There are also some very clear benefits that can be enjoyed when you start planning early. To understand these advantages, it’s important to have some insight into why retirement planning works at all. It all comes down to the power of compound interest and growth over time. When you’re saving for retirement using a 401(k) plan or IRA, the money you contribute to your plan continues to grow over time thanks to that compounding principle. As the account continues to grow, the account earnings generate even more earnings over time – allowing your savings and investments to grow rapidly over time.

That time factor is critically important, since your money will grow to even larger amounts as more time passes. That means that an early start can provide you with a far greater amount of time than if you start later in life. If you begin retirement planning in your forties, you might have only two decades of retirement plan growth before you’re ready to leave the workforce. When you begin that planning in your twenties, however, you can double the amount of time your plan is at work. Of course, the power of compounding interest means that the amount of growth your plan enjoys will more than double over time.

Finally, it’s vital to understand that many retirement vehicles – including 401(k) plans and IRAs – allow you to save and invest money on a tax-deferred basis. That means that you contribute money to those accounts before it’s taxed. That enables you to assign more money to your retirement plan even as you reduce your current overall tax liability. Granted, you will need to pay taxes on that money when you eventually start taking retirement distributions, but the added growth you can enjoy over time can easily work to your long-term advantage.

Retirement Planning Affects Other Planning Too

Some people think of their retirement planning as some independent, segmented part of their overall financial plan. In a sense, that can be an accurate way to look at these plans. The broader view is more accurate though, since your retirement plan plays a critical role in your other planning needs. For example, if you want to have long-term care planning, your retirement planning should be taken into consideration to ensure that your assets are properly arranged to meet your goals. If you want to leave a legacy behind to your loved ones, then you’ll need to consider your retirement plan as you’re constructing your estate plan.

Basically, all your major financial and life planning goals should be made with your retirement plan in mind. It’s difficult to create an estate plan that leaves wealth behind to loved ones if you aren’t considering the source of that wealth – and your retirement plan could be a major factor in determining the size of your estate in your later years. Early retirement planning can thus be useful for filling in some of the “gaps” that might otherwise appear in your estate plan, since this planning can help you to have more insight into the type of resources you could have at the end of your life.

Make Sense of It All

Despite the need to begin planning early, it can sometimes be difficult to know where to start or how to coordinate that plan with other long-term planning needs. At Kulas & Crawford, our early retirement planning attorneys can provide you with the assistance you need to make sense of its all and make your retirement goals a reality. We’ll work with you to evaluate your retirement needs, find a retirement strategy that’s right for your situation, and put you on a path to retirement success. If you’re ready to learn more about how early planning can achieve your retirement goals, contact us online or call us today at (772) 398-0720.

Filed Under: Estate Planning

Other Articles You May Find Useful

Planning For The Silver Tsunami 150x150
Planning for the “Silver Tsunami”
The Lessons From Lisa Marie 150x150
The Lessons from Lisa Marie
Vero Beach estate planning attorney
5 Important Estate Plan Documents
Refresh And Reset Syncing Up In San Diego 150x145
Refresh and Reset: Syncing up in San Diego
Vero Beach estate planning attorney
Important Estate Plan Updates for Seniors
Spring Summit 2022 Celebrating Friendship In The Lone Star State 150x145
Spring Summit 2022: Celebrating Friendship in the Lone Star State

Kulas & Crawford

Download Free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

TESTIMONIALS

Easy Testimonials
August 25, 2020
    

I needed a simple, easy-to-use way to add testimonials to my website and display them. Easy Testimonials Pro did all of that and more!

avatar-1
Janet Exampleton
Owner, Exampleton Productions
Easy Testimonials
August 25, 2020
    

I receieved excellent customer support, and quickly. Thank you so much!

avatar-2
Linda Herman
Founder, Herman Studios
Easy Testimonials
August 25, 2020
    

I love your product! I would recommend this to anyone. What a great find!

avatar-3
Steve
Developer, Acme Co.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

~L.G.K
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

~Joan C
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

~Mildred W
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

~Leo C
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

~Krissy L
Client Review
August 25, 2020
    

Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

~Janice M
Client Review
August 25, 2020
    

"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
<
>

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Blog Subscription

Subscribe to our blog to get all of the latest estate planning news in the Port St. Lucie and Vero Beach Florida areas. Fill out the form below to get our updates.

PORT ST. LUCIE

East Lake Professional Center
2100 SE Hillmoor Drive, Suite 105 Port St. Lucie, FL,34952
Phone: (772) 398-0720
Fax: (772) 398-9331
  • PORT ST. LUCIE

VERO BEACH

Bridgeview Building
2770 Indian River Blvd, Suite 321, Vero Beach, FL, 32960
Phone: (772) 778-8481
Fax: (772) 398-9331
  • VERO BEACH

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM
footer-logo
  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

The information on this Florida Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Kulas & Crawford. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys


© 2023 American Academy of Estate Planning Attorneys, Inc.