Retirees are facing many questions about their financial futures and quickly coming to the realization that it’s not going to be easy to make decisions about retirement in our confusing times. Many of our clients have come to us seeking an advisor, either as a change or for the first time, because they are not getting satisfactory answers to their questions and concerns. A comprehensive retirement plan is a whole lot more than determining how much money you need to save before you leave the workplace.
As Fee-Only CFP® professionals, we have always believed in a holistic approach to planning, taking into consideration your core values, money mindset, aspirations, money fears and money habits – concepts you may not have considered or understand. You can choose to make retirement planning a do-it-yourself project or seek assistance. However, unless you have expert knowledge and experience in this area, it is ideally a better option to seek an advisor. Some of the most experienced advisors will still use an advisor in order to stay objective with their own money. That tells you something.
Through a trust-building relationship, we strive to help you navigate retirement, not only as one phase of your life, but as a part of the entire picture of your life. Some of the questions on your mind right now might be:
- How much money will I need and when should I claim Social Security?
- How much will healthcare cost in retirement and will I have to dip into retirement savings?
- How should I invest my retirement savings and do annuities make sense for me?
- Would it be beneficial if I work longer or part-time?
- What will taxes look like in retirement?
- What if Social Security runs out of money?
- AM I GOING TO BE OKAY?
The retirement period is different for every individual. It can last for decades with the increase in life expectancy. And every individual will experience different phases, emotions, circumstances and situations and there is no pre-fab solution that encompasses everyone. Retirement is complicated and it’s never too early or too late to seek help. The earlier you get started with a plan, of course, the better your chances of living comfortably the way you envision. But even if you are older and behind in your savings, an experienced and knowledgeable Fee-Only CFP® professional can be a tremendous resource and partner in planning your retirement future. Money should not only be seen as a “safety net”, but also as a means to living life to the fullest. That’s what we do!
Have a great Memorial Day weekend!