Financial Planning for Retirement
Retirement planning revolves around one crucial question: When you retire, will you have enough money to live the way you want to—for possibly 25 years or more?
With so much at stake, you can’t afford to make mistakes. You’ll need to:
- Consider your everyday living expenses, big-ticket purchases such as vacations or a second home, and catastrophic healthcare and long-term care costs to determine your monthly financial needs.
- Understand your sources of income during retirement.
- Estimate whether your retirement savings and investment strategy are on track to provide the money you’ll need to supplement income from Social Security and pensions.
If your income will fall short of your expenses at some point, you’ll have some key decisions to make. While delaying taking Social Security until age 70 will provide more monthly income, boosting the amount you’re contributing to your retirement accounts right now and making sure your retirement assets are invested to capture as much long-term growth potential is the best course of action.
To take the guesswork out of your financial future, consider partnering with a fee-only fiduciary financial advisor in the Wealthramp network. They’ll fine-tune your retirement action plan and manage your investment assets in alignment with your unique needs and goals.
Key retirement questions a Fiduciary financial advisor can walk you through
- How can I make sure my retirement funds won’t run out?
- When can I stop working?
- Should I split my retirement contributions among my different 401(k) and IRA accounts?
- How do I strike the right mix of stocks, bonds, and cash in my IRA and 401(k) accounts to help me achieve my retirement savings goals?
- Does it make sense to roll over assets in my 401(k) accounts from former employers to an IRA, or should I leave them alone?
- How can I minimize the tax consequences of withdrawing money from my retirement accounts?
Retirement Planning Challenges
How a fiduciary financial advisor in the Wealthramp network can address your retirement planning challenges
Serving as your financial advocate, your financial advisor works only and directly for you. They’ll analyze your current retirement savings strategy and create a plan that will:
Don’t take a gamble with your retirement
The biggest retirement planning money mistakes
Failing to consider the costs of long-term care when estimating your living costs during retirement
Not contributing enough to your 401(k) plan and IRA accounts
Starting Social Security benefits before your full retirement age
Failing to take full advantage of pre-tax contribution benefits and matching contributions offered by your 401(k) plan
Jeopardizing the long-term growth of your retirement portfolio by investing too much in cash or bonds
Neglecting how the market is throwing your investment mix out of balance
Allowing too much of your retirement nest egg to be eaten up by investment fees
Assuming that Social Security will provide the majority of your income during retirement
Underestimating how long you’ll need your retirement nest egg to last