Retirement is an exciting stage of life, but in order to make the most of it, you’ll need to prepare ahead of time. Planning for retirement requires more than simply saving a certain amount. Retirement planning is complex, with many strategies and factors that must be considered. Whether you’re far from retirement, approaching retirement, or already retired, Good Life Financial Advisors of West Virginia can help you create a comprehensive plan.
Where are You Now?
When planning for retirement, it’s important to start by considering where you are now. Let’s take a look at some various strategies depending on how close you are to retirement:
Far from Retirement
Perhaps retirement is 10 years away, or even 30 years away.
The hurdle in this stage is approaching retirement planning with the right mindset. When retirement feels far away, it’s easy to tell yourself you have plenty of time to save. But the sooner you start saving, the better.
We’ll work with you to create a plan that includes how much income you’ll need in retirement, where that income will come from, and how much you’ll need to save prior to retirement. If you have other financial goals, such as buying a house, you may be tempted to save more for the immediate goals and ignore retirement savings. We can help you create a plan that allows you to balance retirement savings with your other financial goals, as well.
Approaching Retirement
You’re in the home stretch: retirement is only a few years away.
This is an incredibly important time for your retirement plan. It’s about more than saving money: it’s about creating a strategy that allows you to make the most of every potential source of retirement income—including social security, pensions, annuities, etc. There are many decisions that need to be made prior to retirement, and each decision often requires considering the implications of many different factors. We can walk you through each decision in the process and help ensure you’re making the most of your potential retirement income.
Already Retired
Retirement planning doesn’t end when retirement begins. Retirement planning is ongoing.
Your retirement can easily last for decades. Over that time, your priorities, financial situations, and goals may change. As you get further into retirement, you may also grow concerned about how long your money will last. You may also face unexpected expenses, like healthcare and more. Checking in and adjusting you plan is important to help ensure you’re well-prepared and can continue through your retirement at the comfort level you have come to enjoy.
Are You Missing Something?
Once you’ve established where you’re at on the retirement spectrum, you may be asking yourself if you’ve covered all your bases. What will be your source of income when you’re not working anymore? Is it enough? What if you end up in a nursing home or assisted living? Will you be able to leave behind a legacy?
Maybe these are questions you haven’t thought about yet. Maybe you have, but just don’t know how to approach it. We can work together to map out the right plan for you to help get you the protection you need for retirement.
Start Planning Today
After working hard for your whole life, you deserve to enjoy your retirement. No matter what stage of life you’re in, creating a plan now can help you to work toward your retirement goals.
Contact Good Life Financial Advisors of West Virginia today to speak with an advisor and learn more about our retirement planning services.