Planning for Retirement Living
Making the transition from employment to retirement can feel like a challenge, but it does not happen spontaneously. Retirement is something you know is coming, and carefully planning for it can help ensure that you live the life you envision, without your resources running low. Unfortunately, many Americans are worried about retirement, and a recent report by Gallup found that about 46 percent of nonretired respondents were concerned they would not have enough money to retire comfortably. Here, we offer advice to help alleviate the stress of retirement planning and ensure you are ready for retirement.
Consult a Retirement Planner or Financial Advisor
Your first step should be to find the best retirement planner or financial planner to facilitate your retirement strategies. You might not have the expertise and financial knowledge to create an effective retirement plan, but when you work with a retirement or financial planner, retirement planning becomes much easier to manage. These professionals understand how to design and implement effective retirement plans, and they can monitor your progress toward your objectives, as well as keep your plan flexible. Retirement planner experience allows them to help you create long-term plans that can be adjusted as your financial situation changes due to things like income loss or market shifts.
This expertise is invaluable in keeping you on track and helping you reach your retirement goals. Do you know how to choose a financial planner for retirement? If you already have a financial planner with whom you are pleased, that’s a plus. If you do not, you might want to choose a certified retirement planner, who focuses solely on retirement issues and can help you make the most of your financial resources so that you remain comfortable for the length of your retirement years.
Make a Habit of Taking Stock of Your Resources
What is your plan for retirement? Will you be relying primarily on your retirement savings, or income from pensions, annuities, and Social Security? Are you considering potential healthcare expenses? Do you have an emergency buffer in case your retirement income falls short of your expectations? A retirement income planner can advise you on the best strategies to make the most of your resources, but it is important to keep abreast of those resources. That way, you will know exactly what you have in place already, and what you need to do to achieve the level you need for retirement. Ask yourself whether you will have enough income in retirement to maintain your desired lifestyle. What will your basic living expenses be, and how much do you want to spend above and beyond the basics?
Based on the questions you have asked yourself about your retirement needs, make sure you are setting enough money aside during the years you are working to generate the income you will need after you retire. Work with a retirement savings planner to determine how much of your income should be allocated to retirement savings, and which investment strategies will best serve your retirement plan. Periodically stress tests your portfolio, so that you can fine-tune your strategies and have the peace of mind that comes with knowing that you are on top of your investment planning.
Pro Tips to Consider
- Planning & Risk Management: A well-thought-out retirement plan is like a well-planned trip. You want to know where you are going and what will happen when you get there, and retirement planning can help you address living expenses as well as additional spending so that you can be confident you will be able to meet your needs. Risk management, through strategies like stress testing your portfolio, helps keep your plan viable and your assets secure.
- Investment & Tax: A financial planner can help you diversify your portfolio, and as you approach retirement age, your financial planner is likely to advise you to move to assets with lower risk, to make sure your finances remain stable. Another crucial component of maximizing your retirement savings is reducing your taxes as much as possible, using 401k plans and IRAs to make the most of tax-deductible contributions and tax-deferred growth.
- Follow Legal Practices: While you are planning for retirement, you will need legal advice on your financial planning. Working with an experienced financial adviser can help reassure you that you are not making any costly mistakes in your retirement strategies.
Working With an Expert Can Make Retirement Simpler
When you need someone to help plan your retirement, a financial planner is an invaluable partner and someone you can trust to help make your post-retirement years comfortable. When you are looking for a financial adviser, trust the firm that has served individuals and families in Phoenix, Arizona for over 15 years and is a top choice for retirement planning. Sun Cities Financial Group provides clients with high yields from insured and guaranteed deposits not available in traditional banks and brokerage houses, as well as comprehensive services, a personalized approach, and a transparent fee structure.
In addition to working with more than 6,000 Federally insured banks, all covered by the maximum FDIC insurance protection, we also employ only dedicated and honest professionals committed to their clients’ best interests.
Accredited with an A+ from the Better Business Bureau (BBB) for providing outstanding services to our clients, we have been in business since 1998. Founded to provide safe and guaranteed returns to our clients, we protect our clients’ savings in ways they are not even aware of, and our staff gets excited about the clients’ reactions. When you invest with us, we will go above and beyond to exceed your expectations, and do the work so that you can reap the benefits by earning more interest while maintaining the safety of your principal. When you are ready to begin your journey towards a secure retirement by scheduling a consultation with financial advisors who have your best interests at the heart of everything they do, contact us by calling 623-207-8423 or visiting our website to learn more.