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How to Invest for Retirement

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Under the best of circumstances, investing for retirement is challenging.  These challenges were exacerbated by events in 2022, which included:

      • Continuation of the Covid-19 pandemic

      • A rapid increase in inflation

      • A declining stock and bond market

      • Geopolitical uncertainty, including the invasion by Russia of Ukraine

      • Domestic uncertainty caused by a polarized electorate

      • The implosion of cryptocurrency exchange FTX.

    It’s not surprising that investors are confused, worried and wondering how to invest for retirement in an intelligent and responsible way.

    Here are some tips that may help you navigate the retirement savings minefield.

    how to invest for retirement, retirement investing

     

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    Footnotes

    [1] https://www.nerdwallet.com/investing/retirement-calculator

    [2] https://www.investopedia.com/retirement/how-much-you-should-have-saved-age/#:~:text=Many%20experts%20maintain%20that%20retirement,annual%20income%20by%20age%2067.

    [3] https://www.investopedia.com/retirement/how-much-you-should-have-saved-age/#:~:text=Many%20experts%20maintain%20that%20retirement,annual%20income%20by%20age%2067.

    [4] https://www.investopedia.com/retirement/how-much-you-should-have-saved-age/#:~:text=Many%20experts%20maintain%20that%20retirement,annual%20income%20by%20age%2067.

    [5] https://www.bankrate.com/retirement/retirement-savings-survey-november-2021/

    [6] https://news.northwesternmutual.com/planning-and-progress-study-2022

    [7] https://www.cnbc.com/2022/01/19/56percent-of-americans-cant-cover-a-1000-emergency-expense-with-savings.html

    [8] https://www.kiplinger.com/article/saving/t047-c032-s014-3-great-reasons-why-you-should-start-saving-early.html

    [9] https://www.kiplinger.com/article/saving/t047-c032-s014-3-great-reasons-why-you-should-start-saving-early.html

    [10] https://investor.vanguard.com/investor-resources-education/retirement/savings-why-save

    [11] https://www.bls.gov/opub/ted/2021/68-percent-of-private-industry-workers-had-access-to-retirement-plans-in-2021.htm

    [12] https://www.cnbc.com/2022/04/14/62percent-of-workers-view-employer-401k-match-as-key-way-to-reach-retirement.html

    [13] https://www.cnbc.com/2022/04/14/62percent-of-workers-view-employer-401k-match-as-key-way-to-reach-retirement.html

    [14] https://www.cnbc.com/select/401k-ira-contribution-limits/#:~:text=In%202023%2C%20individuals%20will%20be,2023%2C%20up%20to%20%246%2C500%20annually.

    [15] https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-catch-up-contributions#:~:text=More%20In%20Retirement%20Plans&text=Individuals%20who%20are%20age%2050,a%20SIMPLE%20401(k))

    [16] https://www.cnbc.com/select/401k-ira-contribution-limits/#:~:text=In%202023%2C%20individuals%20will%20be,2023%2C%20up%20to%20%246%2C500%20annually.

    [17] You can make catch-up contributions to your traditional or Roth IRA up to $1,000 in 2015 – 2023.

    [18] https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps

    [19] https://www.irs.gov/retirement-plans/one-participant-401k-plans

    [20] https://www.schwab.com/brokerage/what-is-a-brokerage-account

    [21] https://www.schwab.com/brokerage/what-is-a-brokerage-account

    [22] https://www.schwab.com/brokerage/what-is-a-brokerage-account

    [23] https://www.schwab.com/brokerage/what-is-a-brokerage-account

    [24] https://www.schwab.com/investing-principles

    [25] https://www.schwab.com/investing-principles

    [26] https://www.schwab.com/investing-principles

    [27] https://www.schwab.com/investing-principles

    [28] https://investor.vanguard.com/investor-resources-education/understanding-investment-types/what-is-an-index-fund

    [29] https://www.schwab.com/investing-principles

    [30] https://www.financialliteracy101.org/public/featured-this-week-topic.cfm?code=PITZER&week=40&day=2&archive#:~:text=Automatic%20investment%20plans%20allow%20you,re%20trying%20to%20build%20wealth.

    [31] https://www.fool.com/investing/how-to-invest/automated-investing/#:~:text=Establish%20an%20automatic%20investment%20plan,-Once%20you%20have&text=One%20of%20the%20best%20ways,529%20plans%2C%20and%20other%20accounts.

    [32] https://www.fool.com/investing/how-to-invest/automated-investing/#:~:text=Establish%20an%20automatic%20investment%20plan,-Once%20you%20have&text=One%20of%20the%20best%20ways,529%20plans%2C%20and%20other%20accounts.

    [33] https://www.fool.com/investing/how-to-invest/automated-investing/#:~:text=Establish%20an%20automatic%20investment%20plan,-Once%20you%20have&text=One%20of%20the%20best%20ways,529%20plans%2C%20and%20other%20accounts.

    [34] https://www.fool.com/investing/how-to-invest/automated-investing/#:~:text=Establish%20an%20automatic%20investment%20plan,-Once%20you%20have&text=One%20of%20the%20best%20ways,529%20plans%2C%20and%20other%20accounts.

    [35] https://www.nerdwallet.com/article/credit-cards/5-ways-to-rein-in-impulse-spending

    [36] https://www.nerdwallet.com/article/credit-cards/5-ways-to-rein-in-impulse-spending

    [37] https://www.nerdwallet.com/article/credit-cards/5-ways-to-rein-in-impulse-spending

    [38] https://www.ssa.gov/benefits/retirement/planner/ageincrease.html

    [39] https://www.ssa.gov/benefits/retirement/planner/agereduction.html

    [40] https://www.ssa.gov/benefits/retirement/planner/ageincrease.html

    [41] https://news.northwesternmutual.com/planning-and-progress-study-2022

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    Picture of Bert Doerhoff, CPA

    Bert Doerhoff, CPA

    "We all have an obligation to leave this world a better place than we found it."   

    Bert started his own firm, Doerhoff & Associates CPA, as early as 1978. Specializing in thinking differently and challenging the status quo, Bert went on to receive various national awards, from the Jefferson City Reader’s Choice Awards’ “Top Accounting Firm and Top Wealth Manager” to CPA Digest’s "Digest 50 Award." He has also spoken at conferences throughout the US, held statewide offices in professional associations, and is a published author in his field.

    From starting his career working for Peat, Marwick, Mitchell & Co, a worldwide CPA firm known as KPMG, Bert is now a registered investment advisor working with select clients and providing them strategic wealth management to help protect and build wealth for life. He also spends countless hours making a permanent difference in the lives of the less fortunate by working with programs to help them become self-sufficient.

    Find him on LinkedIn.

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