Broker Check

Retirement Planning Can Help You Reach Your Goals After 50

| June 21, 2017

Are you age 50 and looking for financial independence and a sense of confidence about reaching your retirement goals? If so, reaching out for retirement planning assistance from a qualified team of financial advisors might be a wise move to get you on track.  In many cases, around the age 50 is when more financial freedom and discretionary income is available due to the children are out of college (and maybe out of the household). In addition, maybe the home mortgage is paid off and you now have earnings to max out your employer sponsored 401(k) plan. But will that be enough? How about adding in your eligible Social Security Retirement Benefits? Do the two combined reach your goals? Do you still need more?

Or are you over 50 and closer to retirement? You have accumulated assets for retirement but will they last over both your and your spouse’s lifetime? Do you know how much monthly income your assets will produce and which assets you should tap first for retirement income?

These are common questions asked in the retirement planning process. Developing a demo ride through retirement with a team of financial advisors can answer the questions above and help uncover opportunities that perhaps you have not given thought to in reference to your retirement goals. 

Developing personal information and creating a summary of your financial goals is the first step a team of financial advisors can help walk you through.  For example, what will be your basic needed living expenses in retirement (in today’s dollars)? How about the costs of health care during retirement or the risk of needing long term care? Are there major expenses coming up such as a new roof a new car and how often will you be replacing cars during retirement? Do you plan to travel?  What travel budget have you set? Also, creating your net worth statement the difference between what you own (your assets) and what you owe (your liabilities) is critical for identifying working assets that will be used for retirement income.