As you approach retirement, it’s essential that you begin setting financial goals and revising your savings strategy accordingly. Consulting a professional who specializes in retirement planning may help create customized strategies tailored specifically to meet your unique requirements while mitigating risk and making sure that assets can work for you both now and into the future.
An outstanding retirement planning firm will possess extensive experience and take a comprehensive approach to their retirement planning services, which may include retirement income strategies, investment management, tax optimization services and wealth management solutions. Furthermore, their team of specialists will work in concert to give you every advantage for reaching your retirement goals successfully.
At the core of retirement planning is determining how much you need for an enjoyable retirement lifestyle. This involves considering your lifestyle expenses and financial projections before devising a budget to accommodate for expected changes in your life and determine how much savings to put away annually. A retirement planner can assist in this endeavor and can also offer guidance as you create it.
As you plan your retirement years, it is also important to think carefully about how you want to spend them. This could include traveling around the globe or settling near family. Your location selection can have a profound impact on many aspects of life including access to healthcare, crime rates, climate/weather factors, housing costs and amenities – this should all be factored into your decision process.
Some experts advise saving enough for retirement to replace 70% to 80% of your pre-retirement income, however this estimate often assumes you’ll spend less in retirement due to diminished health or energy levels. In reality, however, you could end up spending even more during retirement years than expected.
Maintaining an accurate understanding of your current financial status is vital to making informed decisions about investments, retirement plans and other aspects of finances. Consulting a qualified financial professional will allow for an in-depth examination of savings, debt and investments and will make recommendations as to the next steps for moving forward with them.
Many people neglect the importance of saving for retirement. Working with an experienced financial professional, you can develop a plan tailored specifically to your lifestyle – the sooner you start saving, the longer your money has to grow!
If you are a UT Austin employee, the UTSaver Deferred Compensation Program (DCP) allows all eligible employees to start contributing towards their retirement with ease. Choose from an approved list of providers when investing your contributions – simply log into UT Retirement Manager, select DCP and follow its prompts to login directly into their website – or visit an on-campus representative or reach out directly for help if needed.