Retirement is an exciting new chapter! A retiree can stay up late watching TV, turn the alarm clock off, and sleep in. But it can also feel a bit intimidating, especially with one big question on your mind: Will I have enough money for the future? Retirement planning can seem overwhelming, but the key to peace is breaking it down into small, manageable steps. With a solid plan, you’ll feel confident and ready to embark on this exciting journey.
The first part is to review reliable income and expenses by creating a budget. I know doing a budget is no fun but figuring out how much reliable income you will have in retirement and what the monthly Read More
Retirees should also look for ways to lower expenses while reviewing their budget. Look at the big expenses first. For example, a retiree is paying $1,000 a month for a mortgage that has only $25,000 left on principal. In that case, it may make sense to simply participate in the investment savings and pay off the mortgage, thereby freeing up the monthly $1,000 payment. In general, a common theme we have seen with many retirees who are comfortable in retirement is that they are debt-free. Once the big expenses are reviewed, try to reduce the little ones as well.
That old gym membership that never gets used, the cell phone, TV, and internet plan, they all add up.
The second thing to do is enter pay raises into the retirement income plan in future years. The increases are likely to continue.
There are situations where Social Security and retirement benefits may not keep pace with inflation. You can achieve this by creating a separate investment purpose for each account and allocating the funds into different buckets that mature at varying intervals.
You could also create buckets of money that will be used in 3- to 5-year time frames. Create buckets for current income, 3–5 years, and 6–10 years. By using this, you can help the retiree choose different investments to use for each bucket. You can also help the retiree save up more money for the high spending years when income needs may be higher than later in life.
The last piece to planning for retirement income is to figure out how much income the surviving spouse will have if the other spouse is killed.
We start with planning by choosing the proper pension option and having a plan in place for the shortfall (say we lose one of the Social Security incomes). One solution for any additional income needs is to purchase the right amount of life insurance. Life insurance is a good option because of the ability to change beneficiary in the future (children for example) or to cancel the insurance in the future when there is no longer a need. Another option to consider is annuity income guarantees. Options vary from company to company and from person to person
products, such as fixed, indexed, or variable.
If you're planning to retire in the next few years, Social Security will be the cornerstone of your reliable income. Did you know that roughly 70% of retirees take Social Security income before full retirement age and take a life penalty? Our team know how you can incorporate Social Security into your plan and use it to your advantage in retirement. Ask our office about a Social Security Optimization report.
We make the difficult task of choosing the thousands Of products available for your retirement plan easy-to-follow and understand, As your personal CFO, we get to know you on a personal level so together, we can then choose the products and strategies that we think will best fit your retirement needs.
If you're fortunate enough to have a pension, you need a plan for it. That includes any settlement needs such as single life, survivorship options, and lump sum choices. We know how you can use your pension to make your retirement years your best years.
Annuities can be one of the most helpful resources for retirement income planning. Yet, annuities are very confusing and there are pro's and con's. There are lots of choices you can make regarding annuities, and our team is capable of giving you all the info you need on each option to make an informed decision.
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We collect your phone number through our contact information form, and with your consent we will send you text messages on a weekly basis if you’ve opted in. Reply STOP at any time to unsubscribe from text messages. We will never share your customer data with third parties for marketing or promotional purposes.
