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.
Find Your Advisor Matches
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

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:

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Give you a clear and realistic picture of what your living expenses and lifestyle will be when you retire

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Estimate your sources of income during retirement and where potential shortfalls could occur

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Maximize your retirement investments’ growth potential to achieve an optimal balance of income, capital appreciation, and liquidity when you retire

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Periodically rebalance your portfolio to its target mix of stocks, bonds, and cash to get it back on track and reduce unintended risk

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Analyze the investment fees you’re paying in your retirement accounts and recommend options that deliver similar performance at lower costs

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Help you weigh the pros and cons of rolling over assets from your 401(k) plans to an IRA, or converting traditional IRA assets to a tax-free Roth IRA

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Calculate your annual required minimum distributions starting at age 72 and suggest withdrawal strategies that may lessen their tax impact

Don’t take a gamble with your retirement

We won't sell your data. You decide which advisors to talk to. And you won't receive any pushy sales calls from Wealthramp

Connect with a financial advisor in the Wealthramp network now

The biggest retirement planning money mistakes

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Failing to consider the costs of long-term care when estimating your living costs during retirement

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Not contributing enough to your 401(k) plan and IRA accounts

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Starting Social Security benefits before your full retirement age

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Failing to take full advantage of pre-tax contribution benefits and matching contributions offered by your 401(k) plan

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Jeopardizing the long-term growth of your retirement portfolio by investing too much in cash or bonds

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Neglecting how the market is throwing your investment mix out of balance

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Allowing too much of your retirement nest egg to be eaten up by investment fees

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Assuming that Social Security will provide the majority of your income during retirement

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Underestimating how long you’ll need your retirement nest egg to last

Work with an expert to avoid these retirement planning mistakes

We won't sell your data. You decide which advisors to talk to. And you won't receive any pushy sales calls from Wealthramp.

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