While the future is always uncertain, having a plan of action can help you better prepare for the road ahead paid Impact_Partner
The answer to this question is different for everyone, but it’s an important one to consider. Just like your younger years, the road to retirement is often filled with twists and turns that can either help or hinder you working toward your goals.
While the future is always uncertain, having a plan of action can help you better prepare for the road ahead.To help plan for those retirement years, here are five keys to help you prepare for retirement:In order to prepare for the future, it’s important toabout that retirement future! Take a second and ask yourself these questions to assess what steps need to be taken moving forward:2. Are you in your “forever home,” or do you plan to downsize or move to a different state?4. Do you have short- and long-term debts that you would like to dispose of by retirement? Once you’ve started to dream up what you’d like to do with your retirement years, it’s time to start drafting a roadmap to get you from here to there. Using the questions above, determine how much money you will need or would like to live on for retirement.Planning for retirement sounds so simple, yet many people don't do it. There is a difference between having a retirement. Many people put money into an account to save up for retirement, but they aren't sure if what they are contributing will land them where they desire to be — it's only a retirement account until you create a plan. Use your current written budget to create your retirement budget. What are your recurring expenses that you know won’t go away in retirement? Consider bills, health care, insurance, etc. Using an online retirement calculator, you can use this number to get a better idea if what you’re contributing might provide your desired retirement income. Consider working with a financial advisor you can trust. They will not only help you plan for retirement but also make sure your financial portfolio is reviewed on a regular basis. In addition to retirement, this may consist of evaluating life insurance options to make sure you are adequately covered, talking through long-term care options, disability, and more.Review your plan annually with your financial advisor to make sure that you are still on track. Life happens, circumstances change, and volatility of the market changes, so it's important to make sure you adjust your plan as needed for the best opportunities for success.It’s not uncommon for me to meet with a client who has a fair portion, if not all, of their money in one of the typical employer pre-tax investments such as a 401, 403, 457, or TSP. While these are great options, since many employers offer to match a portion of your contributions, this shouldn’t be your only retirement account! These accounts generally grow based on stock market performance, which means your accounts have the potential to grow but can also decrease in value. I’ve heard countless stories of people who lose large amounts of money from their retirement plan during a market loss. The closer you get to retirement, the more important it becomes to protect your money — a 10% loss followed by a 10% gain doesn’t fully replenish your loss. For example, Betty has $100,000 in her 401. Her account took a loss in 2017 of 10%, which reduced her balance to $90,000 . In 2018, she gained 10%, which brought her account balance up to $99,000 . Even with the loss and gain both being 10%, she has still not fully recovered from the loss.Consider having more than one account. If you have a 401 or other employer-sponsored plan from a previous job, consider doing a rollover to an IRA. There are many different vehicles you can use for an IRA; if you want to protect a portion of your nest egg from market downturn, utilizing a fixed index annuity may be a good choice for you, or perhaps setting up a Roth IRA.As we age and start withdrawing from our accumulated retirement funds, many people would want to receive the highest potential income. Before you begin to take a lifetime income from your investment, explore income options with your financial advisor. Some companies may pay out a higher lifetime payment amount than your existing plan, so a rollover may provide you with a higher monthly benefit. As you prepare for retirement, these five keys are all factors to keep in mind, but you don’t have to do all the planning on your own. Working with a seasoned financial advisor can help you stay on track and discover the products and strategies that can help maximize your retirement income for your retirement future. This content was brought to you by Impact PartnersVoice. Insurance products and annuities offered through Breanna Letonya Colon, MD Insurance License #99908007. DT1016043-1120
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