At retirement, there are several factors to consider when deciding how to allocate your retirement savings. It may be advantageous to pay off debt. It may be advantageous to use guaranteed instruments, or to avoid guarantees to keep costs low depending on your situation. We believe it is important to properly diversify your investments and risk with highly rated companies and create an income plan that you are comfortable with. Among several factors, you should take into consideration your age at retirement, your available monies, and location of those monies (lump sum, 401(k), IRA, liquid monies, pensions, etc…) to help determine the most appropriate methods of income.
You spend years saving money for retirement, but that’s only half the equation when it comes to your future financial security. How you position your assets in order to take retirement income plays an equally important role. Especially when you consider that:
- We are living longer. This makes it challenging to figure out how much retirement income will be enough. According to the U.S. Census Bureau, people over age 85 are the most rapidly growing age group.
- Inflation may slow down, but it doesn’t stop. Over the last 70 years, it’s averaged 3.3%. If this average continues, a retiree today would need almost twice as much income in 20 years just to maintain his or her current standard of living.
- The future of Social Security, and its guarantee of lifetime income, is uncertain.
Part of your heritage in this society is the opportunity to become financially independent.Jim Rohn
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Sterling Heights, MI 48313
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Securities services offered through Gradient Securities, LLC (Arden Hills, MN 866-991-1539). Member FINRA/SIPC. Investment advisory services are offered through Summit Financial Consulting, LLC, a MI registered investment advisor. Gradient Securities, LLC and its representatives do not render tax, legal, or accounting advice. Insurance products and services are offered through Summit Financial Consulting, LLC. Summit Financial Consulting, LLC is not affiliated with Gradient Securities, LLC.