Retirement Planning In The Face Of Uncertainty
By: Robert Pagliarini
Elder Law Associates Newsletter dated March 29, 2019
Welcome to 2019! The markets are volatile, the government is partially closed, and there are clouds on the horizon. While the outlook might be bleak, traditional retirement planning is not dead – it’s evolving and more personalized than ever. Ensuring that you have a solid and actionable retirement plan in place will help you effectively prepare and navigate your future.
Do you know where you stand financially?
If you’re not sure how much money you can take from your portfolio, or if your asset allocation makes sense, or even what your risk tolerance is, this uncertainty will lead to financial stress. What about the house you live in or an upcoming vacation? Can you afford it? If you’re unsure of these answers, you’re lacking a strong grasp of your finances. How can you find certainty and financial confidence? Work with your financial advisor regularly to create a personalized retirement savings plan that makes sense for your unique situation – and yes, everyone’s situation is unique. There’s no one-size-fits-all plan or savings strategy, though your financial advisor will be able to help you navigate the many different options available to you – and yes, there are many.
Still not convinced that retirement planning is still relevant? Here are two essential reasons to help persuade you:
Better Financial Standing
If you plan for retirement, chances are you will be better off financially. Why? There are a myriad of different reasons for this, from a potentially better asset allocation, to lower fees, to a portfolio that’s better aligned with your risk tolerance, to even just being able to take better advantage of tax situations. You’ll also know how to properly time when to take Social Security benefits, allowing you to maximize your income. The goals of good retirement planning are to help you end up with more money at the end of the day, but also provide more income during retirement, and a less stressful investment experience especially in times like these.
Stronger Financial Understanding
Not only could you you have greater wealth, more income, and a better night's sleep, you should also have a stronger grasp of your own financial standing. With a strong retirement plan in place, you’ll know how much you can withdraw from your portfolio every month, how much you need to live comfortably, and how long your savings will last.
Picture your dream retirement vacation. Are you lounging on a beach or enjoying pastries in a fancy café? Now imagine that you’re stressed, the vacation feels too expensive, and you’re arguing with your partner over how you’ll be able to afford it. Does this sound like your ideal retirement?
With a stable and fiscally responsible retirement plan in place, you will know exactly how much you can afford so you can enjoy that dream vacation you’ve worked your whole life to experience. By knowing where you stand financially, you alleviate the crippling anxiety and fear associated with worrying about your wealth (or lack thereof).
Not sure where to get started? It’s never too early or late to develop a retirement plan to prepare for your future. Speak with a financial advisor to help develop a plan that makes sense for you.
Article Source: Forbes.com
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