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W W W. M A I N E B I Z . B I Z 21 JA N UA R Y 2 2 , 2 0 2 4 F O C U S W E A LT H M A N A G E M E N T / R E T I R E M E N T "Some people prefer to focus on a "magic number" or a "financial independence number" which is the total amount you need to stop working, with minimal risk of running out of money," says Brann. "Your desired annual income should be about 4% of the magic num- ber. For example, if you want to gross $75,000 annually, you'd need $1.875 million in today's dollars." Three strategies to help you get started While it may still feel daunting or confusing. Petersons has shared three strategies to help guide those looking to set up for their retirement. 1. Pay yourself first: "What I mean by that is what- ever you plan to save for retirement, transfer that automatically from your paycheck when possible before you pay anyone else out of your paycheck," says Petersons. "It will make it easier to save and less likely to be pushed off. Additionally, some retirement plans offer automatic annual increases to retirement accounts. Enrolling in that allows you to increase your contribu- tion automatically from year to year." 2. Save until it hurts: "As you start saving, think about your monthly budget," says Petersons. "Did you have to curtail some of your normal spending? Did that hurt, or could you save even more? If you receive a raise, increase your savings by a portion of your raise so that over time you are saving more and more without much more pain. Keep some of the raise yourself, but putting a portion of your raise into savings will pay off and you will hardly notice the change to your budget." 3. Weigh big financial decisions and avoid soci- etal pressures: "e pressure to buy a home or drive a new or expensive car can be a large one, particu- larly with higher interest rates and prices rising," says Petersons. "ere was an economist who said to buy the $4 Coke at the airport: Even though it's expensive, and we all know it costs more than it should, you'll get more out of that because you are satisfied at the moment and it's not a significant expense. What may cost you more in the long run is an expensive, large financial decision that you rushed into, like buying a home or an unnecessary car." When beginning to plan, remember you're not alone. ere are plenty of public and private resources available to help you begin. You can also consider working with a local financial advisor if you want some additional guidance. A l e x i s W e l l s , M a i n e b i z s t a f f w r i t e r , c a n b e r e a c h e d a t a w e l l s @ m a i n e b i z . b i z We're proud to offer a wide selection of metal roofing and siding products. Give your home or business the color and style you're looking for with the durability and quality that only metal roofing and siding can provide. NOW OFFERING Screw Down Metal Roofing for just $3.39 per linear foot WAREBUTLER.COM FREE DELIVERY ACROSS THE STATE metals@warebutler.com STANDARD COLORS ONLY Free strapping available for pick-up at our Stillwater and Palmyra locations Visit one of our stores, or email us using the contact form on our website, for more information on these products. Advertised price for limited time P ROV I D E D P H O T O Gerrit Petersons, financial advisor at Robinson Smith Wealth Advisors LLC

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