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Retirement Planning Blog

on 15 June, 2016

Are You Generating Enough Income in Retirement

Do you have a dependable level of income for retirement? According to a new study, many seniors aren’t generating the retirement income they need. BankRate.com reports seniors in 47 states and the District of Columbia aren’t replacing enough of the income they earned in their working years.

The study found that at best, seniors are living off 60% of the income they had in their pre-retirement years. Financial experts believe retirees need at least 70% of their pre-retirement income. BankRate.com reports the national average to be 60.27%.

Why Does It Matter?

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on 11 May, 2016

Retirement Security with Guaranteed Income

Last week we covered how financial literacy could affect quality of life. Having strong financial knowledge puts you in a position to make well-informed decisions about your future. It also brings peace of mind – people establish control over their money and prepare themselves for a financially secure retirement.

Unfortunately, over the last several years retirement confidence has been negative. It’s in no small part due to events like the 2008 recession or the recent stock market correction. The Employee Benefit Research Institute reports in 2015, just 37% of workers said they’re “very confident” about having enough retirement money.

Changing Priorities in Retirement

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on 08 June, 2016

3 Retirement Pitfalls You Should Avoid

You’ve worked hard for many years. Upon retirement, most people would like to live on their own terms. Maintaining a comfortable lifestyle requires you to take the proper steps to secure it. That includes avoiding common errors which could put your retirement finances at jeopardy.

With precautions in order, retirees will be more prepared to enjoy a secure – and hopefully financially confident – future. Having said that, let’s cover a few pitfalls which could do a number on your financial security.

Common Retirement Pitfalls to Avoid

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on 04 May, 2016

How Does Financial Literacy Affect Quality of Life

Last week we discussed ways to attain comfortable financial security. Of course this doesn’t just happen on its own. Rather, it’s the result of careful evaluation of financial goals, needs, and objectives, and then laying out a blueprint to achieve those milestones.

Once you have a plan in place, it’s a matter of staying on top of your finances. With steadfast diligence and assistance from a qualified financial professional, timely checkups on your portfolio and readjustments – if needed – will help keep your financial roadmap on course. In due time, this commitment pays off. It leads to financial independence, peace of mind, and clarity in the ways you deal with your money.

Ultimately, all of this begins with financial literacy. As the old saying goes, “Knowledge is power,” and having strong financial awareness puts you in the driver’s seat for sound decision-making. Unfortunately, this isn’t the case for many American households.

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on 01 June, 2016

5 Retirement Mistakes You Cant Afford to Make

According to a survey from the Employee Benefit Research Institute, just 21% of American workers are "very confident" they'll have enough money for retirement. After many years of hard work, most people would like a comfortable retirement lifestyle. But this doesn't just come together by itself.

Financial independence in retirement takes diligence, and it begins with creating a suitable retirement income plan. Then once you have this "retirement roadmap," it's a matter of sticking to it. Of course that involves taking action when you need to, like filing for Social Security at the right time or signing up for Medicare on deadline.

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on 28 April, 2016

Secure Your Financial Future

So we’ve discussed how staying on top of your finances pays off. It certainly helps with attaining a higher quality of life. But the benefit isn’t limited to just this alone. It also brings clarity to life goals and peace of mind.

Now put this in the context of retirement. The retirement years are a distinct part of someone’s financial life. According to Pew Research, each day 10,000 additional baby boomers turn 65 years old – the “traditional” age for retirement. When you move into this life stage, things are different. You have different needs, different goals, and different means to achieve them.

For one, healthcare and long-term care needs become more pressing. Moreover, retirement is hardly a static period. Over time, life priorities and objectives evolve and change. Plus factors such as estate planning come into play.

To maintain financial well-being, it’s important to be prepared for this juncture. Here are some critical factors to consider if you’re approaching retirement – or if you’re already retired and looking for ways to strengthen your financial security.

Important Factors to Consider

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on 25 May, 2016

The Growing Impact of Retirement Healthcare Costs

Last week we discussed the concept of “risk capacity” and its role in retirement financial security. Aside from retirement asset allocation, another part of income planning is accounting for expenses. Living expenses, long-term care costs, and healthcare expenses are three primary retirement cost drivers. It’s important to plan ahead and to have a strategic combination of volatile and conservative financial vehicles to meet these needs.

Just healthcare needs alone can impose a significant cost burden on your retirement lifestyle. In fact, research firm HealthView Services reports they’re one of the fastest-growing segments of retirement spending. Ensuring they aren’t neglected is a critical step. Otherwise they can be financially draining and greatly impact your standard of living in retirement.

What’s Going on with Healthcare?

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on 21 April, 2016

 Stay on Top of Your Finances

So we’ve discussed the benefits of financial education and offered some helpful resources. But what’s involved with putting that knowledge into action? Plus, what does someone do once they’ve created a financial plan?

Ultimately, securing your financial life now and in the present doesn’t consist of just education and planning. It also requires sticking to your plan. Nor is it a course you must complete alone. A financial professional will help with evaluating your needs, goals, and determining the best financial vehicles to achieve them. If adjustments are needed over time, your advisor can also assist you with examining your options.

To put it in a nutshell, a financial journey is a long-term process. It’s a matter of timely checkups on your portfolio’s performance, continuing education, and careful evaluation of evolving life goals and objectives. To that end, it’s critical to stay on top of your finances over time for best results. Here are a few concrete steps to consider in order to maintain long-lasting financial well-being.

Some Critical Steps to Cover

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on 18 May, 2016

Whats Your Risk Capacity Why It Matters

Last week we discussed the value of having a guaranteed retirement income source. Annuities offer some strong advantages with their contractual guarantees, but they’re only one part of the financial picture. Overall, a portfolio could have many assets: stocks, bonds, mutual funds, annuities, CDs, or even other financial instruments.

This brings up the question of portfolio allocation. Is there a paradigm which you should follow? Ultimately, we would say it varies among individuals. Your portfolio should be allocated to reflect your current situation, your needs, your goals, your risk tolerance, and your risk capacity. Of course there are some well-known general guidelines, like the Rule of 100 and portfolio diversification.

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on 14 April, 2016

How Does Financial Education Pay Off

So we’ve discussed the likely effects of having inadequate financial knowledge. Shortfalls in someone’s financial well-being or even retirement security are just a few possibilities. But it isn’t limited to just this alone.

A lack of awareness can also limit someone’s ability to capitalize on wealth-building opportunities. After all, consumers have access to a wide, diverse landscape of financial products. These selections offer differing levels of value depending on what the consumer needs, and the financial industry is also a dynamic, ever-changing space.

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