Retirement Planning

What is retirement planning?

What is retirement planning?

Retirement planning involves establishing the income you need for retirement and taking actions that help you meet your funding goals. This includes determining your income sources, considering any leisure, medical, and housing expenses, putting aside savings, and reviewing your financial risks. Planning for retirement is important because it reduces the risk of running out of funds later in life, ensuring that you have a comfortable, happy retirement.

401(k) Rollovers

This involves transferring funds from a 401(k) to an individual retirement account (IRA)

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Roth IRA Conversions

This involves transferring funds from a tax-deferred IRA to a tax-exempt Roth IRA account

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Retirement Spending Needs

Estimate and save the amount of money needed to live comfortably in retirement

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Retirement Health Care Costs

Adequately prepare for any medical expenses that may arise during retirement

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Risk Management in Retirement

Review the risks you may encounter in retirement, such as unforeseen medical expenses or tax increases

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When Should I Start Planning for Retirement?

When it comes to planning for your own retirement, you can never start too early. Ideally, you should start saving in your 20's, once you have finished school and started working. Most employers help individuals save for retirement by offering a 401(k) plan or a similar retirement savings plan. Contributions to these types of retirement accounts are usually determined by a percentage or dollar amount that you choose and are withheld from your paycheck.

Should I Consult a Professional Retirement Planner?

Many Americans have no retirement plans whatsoever. Out of those that do plan for retirement, very few are confident that they have saved enough. Many people wrongly assume that they don't need to start saving until after their 30s, while others have no clue how to start the process. Additionally, retirement planning can be especially difficult for self-employed individuals that do not have access to a 401(k) offered by an employer.

Consulting a retirement planner can help you sufficiently prepare for your retirement. A retirement planning advisor will assess your current financial situation, evaluate your retirement goals and aspirations, and then help develop a savings and investing plan that works with your budget and is designed to sufficiently fund your retirement lifestyle and expenses. 

Whether you see us locally at our Memphis, TN office, or we connect with you virtually, our team will guide you through all of the important considerations necessary for a successful retirement, including budgeting, investing, income planning, and risk management. Our goal is to equip you with the tools you need to have an enjoyable and financially secure lifestyle in retirement.

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