There's no better time than right now, no matter your age. If you're in your 30s or 40s, you have the power of time on your side, which means your money has more years to grow. If you're in your 50s or 60s, a focused retirement strategy can still make a dramatic difference in the income and lifestyle you enjoy in retirement. At Commonwealth Capital Management, we meet you exactly where you are and build a plan tailored to your timeline.

The amount you'll need depends on your desired lifestyle, monthly expenses, healthcare needs, and how long you plan to be in retirement. A commonly cited guideline is replacing 70 to 90 percent of your pre-retirement income annually. Our advisors will work with you to build a personalized retirement income projection that accounts for Social Security, savings, investments, and any pensions, so you retire with confidence rather than guesswork.

A 401(k) is an employer-sponsored retirement account, often with matching contributions, while an IRA (Individual Retirement Account) is something you open and fund on your own. Both offer tax advantages, but the best choice depends on your income, employer benefits, and retirement goals. Many people benefit from using both strategically. We'll help you figure out the right combination to maximize your long-term savings.

You can begin collecting Social Security as early as age 62, but your monthly benefit increases the longer you wait, up to age 70. The right time to claim depends on your health, other income sources, and whether you're married. Making the wrong decision here can cost you tens of thousands of dollars over your lifetime. Commonwealth Capital Management can help you model different scenarios to find the claiming strategy that works best for your situation.