Retirement is a great time in a person’s life to plan and create their legacy. John Labunski, an expert in retirement planning, has outlined the most important steps that one should take when planning for their legacy. He suggests that you first focus on your financial future and make sure that you have all of your finances taken care of before making any other plans. Secondly, he recommends deciding how much money you want to leave behind as well as what kind of legacy you want to leave behind. Finally, he says it’s important to consider talking with professionals who can help ensure that your legacy will be carried out according to your wishes. By properly planning for retirement and taking these steps before leaving the workforce, individuals can rest assured knowing they are leaving something meaningful behind for their loved ones after they pass away.
Retirement can be a time of reflection and planning for the future, and John Labunski has some advice on how to plan your legacy.
Labunski suggests that individuals in retirement focus on making sure their wealth is distributed efficiently and according to their wishes. This can be done through estate planning, which involves properly managing taxes, appointing executors, and writing wills. Additionally, he recommends setting up trust funds or charitable foundations if you want assets to go towards a specific cause after your death.
John Labunski also notes that it’s just as important to consider non-financial considerations when creating a legacy. He encourages retirees to reflect on what values they want remembered by future generations, whether it’s family unity or dedication to education.
Savings Statistics to Help Motivate You to Save
Saving for retirement is an important part of financial planning, and understanding the impact of saving can help you stay motivated. John Labunski, a financial analyst with years of experience in the industry, has compiled a set of statistics to motivate individuals to save.
John Labunski research emphasizes that starting early and saving regularly can have a major impact on retirement savings. According to his data, those who begin making regular contributions at age 25 could accumulate over $1 million by age 65 if they contribute 10 percent of their annual salary each year into their retirement account. Meanwhile, someone who waits until 45 to start contributing will have accumulated only around $250,000 by age 65 even if they contribute 15 percent annually.
Understanding these numbers can help motivate individuals to begin saving for retirement as soon as possible and take advantage of compounding interest on their investments.
