As co-owner of First Financial Tax Group, financial advisor Barry M. Kornfeld guides a firm that provides clients with a host of tax and income planning services. Engaging with clients pre- and post-retirement, Barry Kornfeld offers dedicated advice and counseling.
Properly planning for retirement first involves setting in place a financial goal. This can be as simple as replacing at least 70 percent of working income through asset holdings. Another strategy is to take a look at annual expenses and plan to save a certain multiple of those expenses for retirement. The level set should enable the retiree to live at a comfortable level, not far from that enjoyed before retirement.
It also makes sense to work out with a financial professional exactly how much you need to save year by year to achieve your retirement goal. Be flexible enough to realize that the annual amount saved can vary based on yearly earnings and expenses. It may sense, especially in today's yield starved marketplace, to consider safer, more dependable ways of making money produce a return, such as first position commercial mortgage (FPCM) notes, which are “bridge” loans with a one-year contract, backed by real property, that net around 6 percent interest annually.
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