William Schantz: Guide for Retirement Planning

Retirement is a chapter that everyone has to face sooner or later. One day you will be too old to work, and that is when you can sit back and relax without any worries. But that is not the case for everyone – there are still people who are much more stressed after their retirement than they were during their working years. This is because they did not plan ahead and ended up retiring empty-handed with only debts and loans to repay. 

This is why it is crucial to start planning your retirement early. Retirement planning is an integral part of one’s financial journey. However, most people do not give it enough significance. That is why William Schantz decided to share this guide to retirement planning to help people achieve a safe and secure future. So without further ado – let’s get to it. 

What is Retirement Planning?

Retirement planning is managing your finances during your working years before your retirement. It involves various steps and allows people to look into multiple investment opportunities. Today we will discuss the steps one must take during retirement planning. 

Schantz: Steps to Take for Retirement Planning 

Step 1: Know When to Start Planning

The first step is to determine when is the right time to start planning for your retirement. Even though people always recommend to start planning as early as possible, William Schantz has a different approach. The key here is not to start planning early, but to also take into account the status of your employment, your age, as well as your financial stability. 

The earlier you achieve financial stability, the better for your retirement plan, but for people struggling to make ends meet daily, it is best to secure your present before you start thinking about the future. Therefore start looking into investment opportunities as early as possible, don’t stop your research – but start working toward your retirement as soon as you have some stability. 

Step 2: Make a Rough Estimate about How Much You Will Need

This is another significant step of retirement planning. You need to know how much money you will need when you retire to work toward it accordingly. This step involves analyzing your expenses and comparing them to how much you are earning right now and how much you will be able to save up in the coming years. Schantz says this step will help you plan according to your needs and stop you from making irrational financial decisions. 

Step 3: Look into Investment Opportunities

Lastly, look into investment opportunities that can help you in the future; you need to choose the best retirement plan for yourself. There are various retirement plans ad investment accounts that you can make sure of – analyze them according to your needs and financial status to pick the plan that works for you best. Some common retirement plans are:

401 (k)

Traditional IRA

Roth IRA 

SEP IRA 

Schantz: The Final Word

Retirement planning is essential for every individual; if you think you can go into your retirement without a plan, you need to think again. William Schantz recommends people to think ahead of their time and plan for their future accordingly. If you don’t plan for our future, you might suffer and put your family in financial danger.