Retirement Planning Essentials Win Praise from NEXT Financial Group

PHILADELPHIA, PA, June 26, 2013 (Press-News.org) With more and more Baby Boomers hitting retirement age--and more and more small business owners wondering what their own retirement prospects might look like--NEXT Financial Group believes that there is no time like the present to highlight the essential practices of retirement planning. A recent MarketWatch article offers a good starting point, listing 10 specific retirement planning tips. NEXT Financial Group has responded to the article with a new statement to the press.

"Financial stability is not something that happens by accident or by chance," opines NEXT Financial Group President Barry Knight. "Rather, financial stability is something that individuals bring about through strategic planning. These tips offer some great starting points, though one of the best ways to start preparing for retirement is to meet with a financial representative."

The first retirement planning essential is the most obvious one--to start saving. Obvious though it may be, there are many individuals who neglect this rewarding financial habit. MarketWatch advocates for individuals to start saving in small increments, if they need to, and then to gradually increase the amount of monthly savings.

The next essential tip is to understand how much money it will cost to retire--something that is easy to forget. The article notes quite plainly that retiring can be expensive, and that experts say it takes a minimum of 70 percent of one's regular income in order to retire comfortably and securely.

A third tip from MarketWatch is to take advantage of employer-sponsored retirement savings plans. "If your employer offers a retirement savings plan, such as a 401(k) plan, sign up and contribute all you can," the article says. "Your taxes will be lower, your company may kick in more, and automatic deductions make it easy."

MarketWatch also advises investors to study up on some of the basics of investing. "Put your savings in different types of investments," it says. "By diversifying this way, you are more likely to reduce risk and improve return." Here, Knight reaffirms his point that working with a seasoned financial representative is often advantageous.

Another important tip that the article gives is to never touch retirement savings until retirement actually comes. Dipping into those savings early can lead to lost tax benefits or even to withdrawal penalties.

MarketWatch also advises investors to start individual retirement accounts, and to put as much as they can into them--up to $5,000 a year.

A final tip is to visit the website of the Social Security Administration and to use the retirement estimator to determine how much Social Security money will be available--generally, 40 percent or so of what an individual makes before retirement.

NEXT Financial Group is an independent broker-dealer based in the Houston area, serving Representatives from across the country.

ABOUT:

NEXT Financial Group Inc., member FINRA/SIPC, is a broker-dealer based in Houston, Texas, that serves the needs of financial services representatives throughout the country. The company prides itself in helping business owners enjoy success and financial independence. The company was founded in 1999, and is currently led by President Barry Knight. More information about the company can be found online at www.nextfinancial.com. NEXT Financial Group Inc. is located at 2500 Wilcrest Drive, Houston, TX 77042. For more information, call 888-876-6398.