During the Gilded Age of the late 1800s, the U.S. saw an economic boom driven by technology: telephones, light bulbs, autos, radios, and skyscrapers, just to name a few innovations. Another popular concept in this era: the pension plan. A worker could spend 20 or more years at a company, and the payoff would be a comfortable retirement.
The 2020s are also technology-driven, but today’s retirement reality is individually funded: You’re the pension plan owner. It can be overwhelming, but the most important thing to remember is this: It’s never too late to develop your retirement strategy.
Retirement Planning Begins with You
An employer-sponsored 401(k) or 403(b) plan is a terrific retirement asset. But as with many things, it’s not what you have — it’s what you do with it.
Your first step is to take full advantage of any employer-offered retirement asset plan. Then, it’s equally important to monitor and manage those funds. Improperly allocating retirement funds can negatively impact your quality of life later.
When Can I Retire?
Your future retirement age depends on your current financial health. Just as your medical professional assesses several factors to make a more accurate diagnosis, an analysis of your financial wellness considers:
- Current employer benefits
- Estate planning
- Estimated retirement income and expenses
- Expenses now and anticipated expenses
- Income now and anticipated income
- Insurance coverage and rates
- Investments and rates of return
- Social Security, Medicare, etc. eligibility benefits
- Taxes, pre- and post-retirement
Financial Physical® is a service that evaluates your financial situation. It is one of the most comprehensive, in-depth analyses you can utilize to get the complete picture of “where you’re at.” Most importantly, it captures your financial future based on your current situation. It provides the information you need to plan ahead.
‘I’m Already Retired. Now What?’
Retirement planning doesn’t stop because you are no longer working. Being on a fixed income doesn’t mean you can’t invest wisely and grow your wealth. A conservative, diversified approach to investment options can manage your money with stability, even in a volatile market environment.
Financial Consultate: Retirement Planning Professionals in Wilmington
Our team of financial professionals has years of experience in several areas of financial management services. Retirement planning is something we feel passionate about. Whether you stay in Wilmington, move to be near distant family, or become a full-time traveler, your retirement should be a time of discovery, full of new adventures and pleasurable relaxation. We want you to reap the benefits of your labor, and that’s why we are fee-only financial planners.
Fee-only financial management means we have a fiduciary responsibility to keep your best interests at the forefront of every investment recommendation we offer you.
We don’t accept referral fees, product sales commissions, or “kickbacks.” Our earnings are based on your wealth performance. It’s a powerful motivator for us to ensure your financial well-being.
Are you ready to get started? Call 410-823-7283 or contact Financial Consulate today.