How A Financial Planner Can Help You Meet Your Retirement Goals
After a lifetime of working hard and being responsible with your money, retirement is something you’ve earned. You deserve to relax and spend more time with family doing the things you love. However, in order to retire comfortably, you need to plan correctly so that you’ll have enough money for everything you may need. Planning for retirement can be tricky, as unforeseen costs can come up. Many people assume that they’ll be spending much less on cost of living when they retire, but that’s not always true and that assumption can come back to bite you. The best way to ensure you can live comfortably in retirement without worry is to get the advice of a professional financial planner, like the ones at Plan IV. Here's what a financial planner can do to help you reach your retirement goals.
Help you figure out your saving goal for retirement
The best way to set yourself up for the retirement you deserve is to start with how much money you’ll need saved. Once you’ve found that figure, you can begin to make responsible and effective choices that help you meet that goal. A financial planner will be up to date with the kinds of costs you’ll need covered depending on your lifestyle, needs, and wishes so you can come up with an accurate goal.
Find the most effective ways to save
When it comes to long-term savings goals, there are enough options out there to make your head spin. It’s not always easy to pick the most effective strategy with all these choices, and that could lead to you missing out on savings that you deserve. With a financial planner on your side, you’ll be able to find the right combination of savings strategies that help to reach your retirement goal in time. They’ll help you decide on things like:
- Roth IRAs
- Taxable Brokerage Accounts
- Simple IRAs
- Health Savings Accounts
- Money Market and CD Accounts
- And more
Figure out the best supplements to your savings plans
There are a few ways to earn more money as you age as well as to offset potential costs later in life. One is by setting up an annuity. With a solid annuity, you’ll be able to earn interest off an initial lump sum that pays for decades. However, you do need a substantial initial investment for the interest payments to make much of a difference.
Another option is long-term care insurance. Elderly care has become extremely expensive, and should you or your partner need to live in a nursing home or have a home health aide. If you don’t have insurance that will cover these costs, the out-of-pocket payments are likely to seriously drain your savings. Getting the right insurance that will cover elder care costs isn’t always simple either, which is another area an experienced financial planner can help you navigate.
Plan IV | Financial planners to help you meet retirement goals
By the time you want to retire, you’ll need to have been planning for it for decades. Even though retirement seems far off, if you want to reach your retirement goals then there is no better time to start planning than now. The most effective way to plan for retirement is with the expert help of financial advisors from Plan IV. We can help you take into account all possible costs to come up with an accurate goal, and then help you leverage all the savings options out there to create a winning strategy.
To get started on financial planning today, give us a call at (248) 689-4910 or send in an online contact form now!
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