Planning for Retirement
There are several factors to consider when deciding how to allocate your retirement savings at retirement time. It may be advantageous to pay off debt. It may be advantageous to use guaranteed instruments or 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.
Saving for Retirement
Among several factors, you should consider your age at retirement, your available monies, and the 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 financial security in the future.
How you position your assets to take retirement income plays an equally important role. Especially when you consider the following:
- 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 to maintain his or her current standard of living.
- The future of Social Security, and its guarantee of lifetime income, is uncertain.
Other Common Retirement Questions:
- When Should You Start Saving for Retirement?
- How Much Longer Will Social Security Last?
- Is it Better to Take Lump Sum or Pension?
Have More Questions?
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Part of your heritage in this society is the opportunity to become financially independent.
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The Fine Print
Investment advisory services are offered through Summit Financial Consulting, LLC, a MI registered investment advisor. Insurance products and services are offered through Summit Financial Consulting, LLC. Summit Financial Consulting, LLC and its representatives do not render tax, legal, or accounting advice. Summit Financial Consulting, LLC is not affiliated with or endorsed by the Social Security Administration or any government agency.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.