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Congratulations! You're now retired (or you left your old job for a new one)! Over the course of your career you've been diligently saving for your retirement in your 401(k), but now that you're leaving, you're wondering what is going to happen to that account and what should you do next?

One thing that almost all Americans have in common is receiving Social Security benefits. However, when it comes to those benefits, the answers aren't always so clear. Westco Financial Group is excited to announce that we have created our first ever Westco Financial Group Guide to Social Security, in order to offer you a one stop spot for all of your Social Security questions!

When it comes to retirement, we want to help our clients plan for everything, so we love when they come to their appointments with questions. Over the years we have seen a pattern in the questions asked, which includes many of the questions on retirement below. These questions are meant to be used as a starting point when creating your retirement plan, but nothing can compare to an appointment with a professional who can tailor it to your specific needs.

An important part of your retirement plan is trying to anticipate what your future expenses will look like, including the cost of healthcare. Healthcare can be one of your largest expenses during your retirement, with Fidelity estimating that the average newly retired couple will spend $285,000 for medical expenses, and this doesn't even include long-term care.

What is a defined-benefit pension plan? A defined-benefit pension plan is a retirement plan where the employee benefits are calculated based on a set formula, which includes salary history and length of employment. These benefits are normally guaranteed for life and rise slightly to factor in cost of living increases. Plan benefits are made available to employees once they reach a certain age, or once they have fulfilled the required criteria, such as a certain amount of years worked.

After last week’s article, you now know how important it is to begin saving earlier rather than later for your retirement, but have you also considered making a retirement plan? When you plan for your retirement, not only do you eliminate some of the stress of the unknown, but you also set yourself, and your family, up for a successful future. Here are seven reasons why having a retirement plan is a good idea.

When it comes to saving for retirement, is there really that big of a difference between starting to save now and waiting?YES! In your 20’s, retirement might feel like it is very far away. You’re just at the beginning of your career and you have other bills to pay, high rent payments, and might not be making a lot. You might be asking yourself-can I really afford to begin saving for retirement?

  

Let's start with the obvious question: What is a retirement account? A retirement account is a very important and tax-advantaged investment tool that can help you save for retirement. Whether you are saving through your work established retirement account, or an individually set up IRA, the sooner you begin contributing to your retirement, the more money you can have in your pocket once you decide to retire.