Planning for retirement is not an overnight process; it requires adequate time, strategic planning, and a well-structured approach to long-term investing. While not everyone has readily available funds, it may come as a surprise that some individuals inherit money or receive retirement pensions from previous employers. 

One of the most common questions my clients ask me is what they can do with a certain amount of money, such as $20,000. I always advise them to consider where to put it so that it's easily accessible, safe, and doesn't require any long-term commitments. Having three to six months' worth of emergency funds available is a good suggestion, especially during periods when there is no income.

Before deciding what to do with your $20,000, it's important to understand your own risk tolerance. There are several options available: you could invest it all into a hot stock tip that you believe will quadruple your money, spread it across various investments that you think will generate good returns, or put it into an investment that provides minimal growth but is safe from losses.

Calculating a retirement savings target can be challenging, as investment performance will vary over time, and it can be difficult to project your actual income needs with accuracy. 

Additionally, not all retirement plans are equal when it comes to income, and everyone has their own unique risk factors.

Some retirement savings vehicles to consider include taking advantage of what your employer offers through programs such as 401(k)/PERA and making sure to take full advantage of any company matches. It's also important to look into federal government plans such as Social Security, as delaying collecting benefits can increase the amount of your retirement benefit up to age 70. Other options to consider include Life Insurance Retirement Plans and Guaranteed Income Annuities.

Overall, I believe it's essential to connect with a financial professional to discuss your retirement goals and determine the best course of action for your individual situation. 

If you need assistance, book a call with me so we can get your plan in motion.