Accumulation Phase

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The first phase of saving money for retirement is the ACCUMULATION PHASE. This phase is designed to get you started on your path to building a retirement nest egg that will last you for the rest of your life. The accumulation phase usually lasts between the ages of 18-55 but can vary depending on when you plan to retire. Starting early is a key strategy that helps people achieve or even surpass their retirement goals.

Goals of the Accumulation Phase are:
  1. To assess your personal risk tolerance for saving money.
  2. To start saving money every pay period according to the assessment.
  3. Evaluate your plan every year to make sure you are on track with your goals.​
Tips for reaching these goals in this phase are:
  1. Don’t get discouraged early.
  2. Try to keep debt low and be aware of cash flow. (debt plan/budget).
  3. Always save money even if it is not the full amount you want to save.
  4. Open a 403(b) as soon as you can.

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Building good habits of saving money early will last a lifetime. It is very difficult to save money when you are first starting your career. There are many things in life that work against the Accumulation phase like: College debit, credit card debt, getting married, buying a home, having children and more. The list of obstacles are large, you just have to pay yourself first.

​Even though it is hard, building the habit to save will work wonders on your plan. Once you have children, they will learn from you and building a future generation of savers is never a bad idea. Remember, we are here to help every step of the way.

​Contact us today for a FREE consultation and to discuss your options.

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