Retirement Planning Means Investing in Your Future Self
If you are approaching retirement, the most important thing you can do to live a financially independent life is to plan for retirement. Yet, more than half of Americans are so far behind on saving for retirement, they won’t be able to retire at their desired age.
Planning for Retirement is Not Straightforward
There was a time when individuals worked at the same company for decades and retired with a large pension and substantial Social Security income. Today, people live longer, pensions are uncommon in private-sector jobs, and health care costs are skyrocketing. Yet retirees are eager to lead active lives, experience new adventures, and give back to their communities.
At Access Wealth, we develop measurable and realistic retirement plans that help you achieve financial independence so you can live out your retirement goals and dreams.
Consider These Questions as You Plan for Retirement
Planning for retirement can feel daunting. Budgets may be stretched thin as you care for elderly parents, support adult children, and try to save for your own goals. Healthcare costs and education costs are rising. Tax laws change constantly and can create uncertainty.
An organized approach to retirement planning can make the process easier. Here are some important questions to consider as you prepare for retirement.
- What does retirement mean to you?
- Are you confident you can fund your retirement goals and activities? Budgeting for retirement in advance is essential.
- Do you have enough money in retirement savings if you live 30 years past your retirement date?
- Where will you live in retirement?
- When should you begin collecting Social Security? (Tip: Every year you delay taking Social Security between your Full Retirement Age until age 70, your monthly benefit increases 8%!)
- When do you become eligible for Medicare, and what do you need to know about Medicare Advantage Plans?
- Should you change your investment strategy as you near retirement and after retirement?
- What is the best way to draw on your retirement savings plans?
- Should you reallocate any of your insurance dollars?
- Do you have long-term care insurance to provide for your needs as you age?
- Are your Power of Attorney and Health Care Proxy documents up-to-date? These estate planning documents become even more critical as one ages.
- Do you believe you are financially independent?
If you cannot confidently answer these questions, we encourage you to contact an Access Wealth advisor. We can develop a personalized retirement plan that will answer these questions and more. Planning for retirement today will give you confidence that you can maintain your lifestyle, not outlive your money, and remain financially independent.
Top 6 Things to Consider When Planning for Retirement
When we develop your retirement plan, we analyze six key areas
How to Save for Retirement
It can be hard to balance retirement planning with other financial priorities, such as saving for college, buying a new home, taking vacations, and saving for milestone events, such as a wedding. A written financial plan (which includes your retirement plan) illustrates how you can balance these savings goals and provides different scenarios to help you decide how to budget for retirement and the years preceding it.
The goal of the financial planning process is to help you achieve financial independence. Financial planning enables you to assess where you are today and where you want to be tomorrow, providing a roadmap to help you achieve your financial and non-financial goals. Not having a financial plan and a retirement plan are two of the most common mistakes individuals make.
Types of Retirement Saving Plans
There are many retirement saving plans available. The best retirement plan for you will depend on many factors, including whether you are working, what your employer offers, your age, and your tax bracket.
Achieving financial independence can be a reality with proper retirement planning.
Our financial planning approach gives you a clear picture of where you stand financially and provides you with direction and discipline to help you achieve your retirement goals.
Are you wondering, “How do I find the best retirement planner near me?” Look no further. The retirement planning specialists at Access Wealth can help. Call us today to begin planning for your retirement and learn how to chart your course to financial independence.
The question isn’t at what age I want to retire; it’s at what income.”
- George Foreman
Plan for a Life Well Lived. Contact us to learn how we can help.
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