Planning is crucial whether you are just embarking on your career journey or approaching retirement. Too often, however, life gets in the way and retirement planning falls to the back burner until it is almost too late. A comprehensive plan that covers budgeting, expenses and investments as well as tax savings is key to a successful retirement. By taking care to address all these aspects in advance, your retirement income should last throughout its entirety.
Many retirees don’t realize they could run the risk of running out of money if they fail to carefully manage their spending and account for inflation. A financial professional can help mitigate this risk by looking at your current and future savings as well as assets you own such as real estate, life insurance policies, annuities and investment accounts that you own – using this data they will project your potential retirement income compared against anticipated spending needs to determine if a successful retirement is on its way.
Financial professionals can also help you maximize your Social Security benefits and understand the tax repercussions associated with various withdrawal options from retirement accounts. Furthermore, they can assist with creating a comprehensive retirement plan which details all your goals and objectives – something which can keep you focused and on track even during times of market uncertainty.
One of the greatest mistakes people make when saving is underestimating their savings requirements. You should account for normal living expenses, plus reasonable assumptions for unexpected major repairs or medical emergencies as well as long-term care needs, etc. Without making these adjustments, your nest egg could end up smaller than expected forcing you to work longer or lead a less than fulfilling retirement experience.
An experienced retirement planner can also help you avoid costly errors when transferring assets from an IRA or other retirement account to your heirs, such as making sure they receive their full value of your estate and protecting it from predators such as creditors and lawsuits. Furthermore, they may provide advice on how you can leverage non-retirement assets for greater income while lowering tax bills.
Retirement Planners of America offers more than financial and retirement planning; the firm also specializes in employee benefits consulting and management for small to mid-sized businesses. Their consultants help select appropriate retirement plans for employees as well as set up 401(k) accounts or other savings vehicles and educate employees to manage their own investments effectively. Lastly, Retirement Planners can assist executives and employees with compensation planning services such as profit sharing plans, stock bonuses or deferred cash bonuses to select appropriate benefit programs like these.