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Devon Littlefield
Financial Advisor
Reliant Investment Services
Located at
Reliant Community Federal Credit Union
10 Benton Place, Sodus, NY 14551
Phone: 800-724-7889 Opt. 1
Email: devon.littlefield@lpl.com
March/April 2025
Are You Saving Enough?
When you think about retirement, what is foremost in your mind? Freedom from work? The chance to spend your time the way you want? The amount of money you will need to save to live comfortably?
The "M" Factor
It's probably safe to assume that money will be essential to your retirement plans. Whether your goal is to retire early or to keep working past your full retirement age (the age at which you are eligible to claim 100% of your Social Security benefit), knowing how much you will need to save to pursue the retirement lifestyle you want is essential.More Than a Number
The age at which you plan to retire will impact the years you have to accumulate retirement savings. The earlier your retirement age, the more aggressive you need to be with the amount you're saving. Conversely, the longer you work, the more time you'll have to accumulate savings. Since no one can predict how long you'll live in retirement, saving as much as possible is wise.Your Retirement Lifestyle
Thinking about what you want to do once you retire will give you an idea of how much savings you'll need to maintain your lifestyle. If extensive travel or a move to a new location is among your goals, you may need to save more than if you plan to stay close to home. Your savings may stretch further if you plan to work part-time during retirement.Consider Withdrawal Methods
Many retirees withdraw 4% of their portfolio yearly. While this provides a predictable income, it has drawbacks. If the bulk of your retirement savings are subject to market volatility, your monthly income could drop, too.Another option is the fixed dollar amount. This approach allows you to withdraw only interest payments you receive from your investments, most, if not all, of which will need to be invested in fixed-income securities.
Your financial professional can help you create a saving strategy considering your goals, risk tolerance and time horizon.
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Devon Littlefield is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Reliant Community Federal Credit Union and Reliant Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Reliant Investment Services, and may also be employees of Reliant Community Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Reliant Community Federal Credit Union or Reliant Investment Services. Securities and insurance offered through LPL or its affiliates are:
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