John Labunski – Are you banking on Social Security?

Social security is a nice addition to one’s pension or retirement fund, but most likely is not enough to sustain you through your retirement years. Your personal savings and investments are the best bet when trying to cover the short fall.

John Labunski

John Labunski

The first step towards retirement is to start saving now. Most financial planners recommend that you save 10% to 15% of your income for retirement, starting in your 20s. The best way to get a true picture of what you will need to cover the gap between your social security and retirement needs is to estimate how much you need each year extra. On average you need about $15 to $20 in savings to cover each dollar of the annual difference between your income and your expenses.

Besides saving your money now while you are employed, investing is a good idea. Basically there are three investment categories, which include stocks, bonds, and cash. Your retirement accounts should contain a mix of bonds, stocks and a small amount of cash. Real estate can also be included as well.

John Labunski advises his clients to stay on the side of safe. It’s better to be safe than sorry when it comes to making sure you have enough money to live on once you can no longer work. His company Lincoln Wealth partnered with Fund Architects LLC., a move aimed at making sure each client’s goals and needs are met. Fund Architects is a full -service money management firm who share the belief that preventing loss is the true key to success for seniors.