Retirement Planning

Your retirement plan is there to provide an income after you stop working for an employer. Your retirement income will probably come from different sources. For example, you may receive money through Social Security benefits, 401(k) or 403(b) distributions, and IRA withdrawals. Your personal savings and investment accounts can also be a source of income for you.

Retirement planning is a process that helps keep you on track for your retirement goals. You have a lot of investment options to choose from, different retirement plan companies and accounts, and a variety of stocks, bonds, mutual funds, and more. Without expert financial advice, it’s difficult to make the best decision for your financial future. That’s where we come in.

Why You Need a Retirement Plan

Social Security benefits can provide an income source for you as early as age 62. But it’s not likely that you can use those benefits to finance all your living expenses during retirement. Most people need to supplement their Social Security income. If you don’t want to keep working for a paycheck, you must plan ahead.

How much you’ll need to save depends on your goals and objectives. Most sources recommend saving 15% of your current income to put towards a retirement fund. The more time you have to prepare, the bigger your nest egg is going to be when you need it.

How to Receive Income during Retirement

When you retire, you should have a fully funded retirement account. But instead of making withdrawals whenever you need cash, we recommend creating a plan for your distributions. You saved for retirement strategically, and now it’s just as important to spend the money with purpose.

For example, we can set up different retirement buckets designated to get you through specific time periods. While you withdraw money from the bucket for the first 3 years of retirement, the rest of your investments can continue growing and appreciating. We can also set you up with an annuity, which can provide a fixed income very similar to a paycheck.

A Quick Guide to 401(k) Rollovers

You will probably change jobs at least once before you’re ready to retire, maybe even several times. It’s vital that you pay attention to your 401(k) when you do. You have 60 days to take advantage of the 401(k) Rollover period. This allows you to roll over your retirement account from your previous employer. We can help you facilitate your rollover and continue managing your investments for you.

Frequently Asked Questions

You can receive Social Security as early as age 62. You qualify for the full amount of benefits at age 67. If you wait until age 70 to withdraw from Social Security, you can maximize your benefits. Social Security benefits are calculated using your lifetime average earnings for the 35 years in which you earned the most. To simplify, the longer you work and the more money you earn, the higher your Social Security income will be.

Most experts recommend saving 15% of your income to put towards your retirement accounts. You may need to invest more if you’re starting late or trying to retire early. How much you should contribute to your retirement accounts also depends on other factors. For example, employer contributions, lifestyle goals in retirement and your expected cost of living, and if you plan to work longer.

We recommend diversifying your investments for retirement to ensure you’re on track to reach your goals. It’s risky to focus on one type of investment, hoping it will pay off big time, almost as risky as playing the lottery. There’s nothing wrong with playing the lottery, but it can’t be your retirement plan. We can help you select the investments that meet your goals and objectives.

Let’s Create Your Retirement Plan

It’s time to plan for your future. Retirement planning doesn’t have to be scary or overwhelming when you have a financial expert by your side. We want to guide you in creating the retirement plan that works for you. Contact us today to schedule a consultation.

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