Retirement Planning

Your Guide to Retirement Planning

Client Centered

Planning for retirement is complex, which is why we recommend working with our team of financial advisors to get and stack on track. The first step is calculating your financial needs. Then we’ll prioritize your goals and help you select the right retirement plan and investment vehicles for you. It’s never too early to plan for your retirement. But even if you’re close to retiring, we’re happy to help you sort out your financial objectives and come up with a plan that works for you. 

Calculate Your Financial Needs

How much you need for your retirement years depends on several factors. You need to consider where you’ll live because the cost of living in your area directly affects your finances. We also need to know when you want to retire and what assets you’ve saved up so far. This will help us calculate an amount for your retirement savings goal. 

Prioritize Your Financial Goals

Saving for retirement is an important financial goal. You will contribute a significant portion of your earnings toward your retirement savings to enjoy the lifestyle you want. But you probably have other financial goals, too. These could include getting out of debt, buying a home, starting a business, investing in rental properties, and sending your kids to college. We can help you prioritize your financial goals aiming to make sure you don’t jeopardize your retirement plan. 

Select the Right Retirement Plan

There are multiple options available to you as far as retirement plans go. These include employer-sponsored plans, such as your traditional 401(k) and 403(b). You can also use a traditional IRA to invest additional funds. 401(k)s, 403(b)s, and IRAs allow you to use pre-tax dollars to contribute toward your retirement. 

Another option is to select a Roth account. Your company might offer a Roth 401(k) or you can set up a Roth IRA to invest for the future. You use after-tax dollars to contribute to your Roth account, but the income you receive from it during your retirement years will be tax free.

Choose the Right Investment Mix

Once we’ve selected the retirement fund, you still need to choose the right mix of investment products. These can include stocks, bonds, municipal funds, options, and more. It’s important to diversify your portfolio to reduce your overall investment risk. And your assets should be in line with your overall investment objectives. You can leave all the hard work of selecting and managing the appropriate assets for your retirement fund in our capable hands.

FAQS about Retirement Planning

When Can I Retire?

How soon you can retire depends on multiple factors, including the amount of retirement savings you’ve built up, your average cost of living and expenses, and the estimated length of your retirement. Our retirement planners can help you figure out how soon you can retire.

Is It Too Late to Start Planning for Retirement?

While it’s ideal to start retirement planning with your first paycheck, mostly people start much later. It’s never too late to make a difference for your future. Schedule an appointment with one of our retirement planners to see how we can help you. 

How Can I seek to Maximize My Social Security Benefits?

To pursue to maximize your Social Security benefits, you can defer applying for them. While you can get benefits as early as age 62, waiting until you’re closer to age 70 will increase your payout. The other way to increase your Social Security benefits is to increase your income while you’re still working by going after that raise or promotion. 

Let’s Create Your Retirement Plan

You don’t have to know which retirement plan and assets offer the best solution for your financial situation. We’re happy to do the research and help you understand how to build significant assets for your future. Talk to our retirement specialists today and create your retirement plan. 

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