Is retirement approaching quickly? Worried that you’re behind on your preparation? You’re not alone. Retirement is a major financial goal. It’s possible that your retirement could last decades. You’ll likely need a significant amount of assets and multiple income streams to fund your desired lifestyle over that period of time.
The good news is that it is possible to develop and implement a successful retirement funding strategy if you have a detailed and comprehensive plan in place. At America’s Annuity, we help you create a plan to reach your retirement goals. While every plan is unique, there are some common challenges that every retirement plan should address, such as:
Estimating Your Need
You wouldn’t start a road trip without knowing your destination. The same is true of planning for retirement. You can’t create a helpful or accurate strategy without knowing what your retirement will look like and how much it may cost.
We start by talking about your dream retirement. How do you want to spend your time? Do you want to travel the world, pursue a favorite hobby, or simply spend time with family? Do you want to move to another part of the country or even start a second career?
After visualizing your retirement, the next step is to estimate how much money you’ll need to fund your desired lifestyle. We help you estimate your living expenses for retirement, including costs like health care, taxes, and even inflation. That serves as a good starting point for your planning process.
Develop a Savings Goal
Once you’ve established an estimated retirement funding need, you can back into a savings goal. You’ll likely receive Social Security benefits in retirement, and possibly income from other sources, like a pension. If those sources don’t cover all your needs, you’ll have to cover the difference with your own savings and investments.
We’ll help you calculate a monthly savings target to help you reach your goals. We also work with you to implement an investment plan that grows your assets but also aligns with your risk tolerance. With disciplined saving, you can accumulate enough assets to fund your dream retirement.
Implement an Income Strategy
Retirement planning isn’t just about accumulating assets. It’s also about making those assets last for your lifetime. Many retirees succeed when it comes to saving, but they fail when it comes to making their savings last.
At America’s Annuity, we help you develop and implement a strategy to efficiently distribute income for life. We analyze your needs and potential threats, such as taxes, market volatility, healthcare costs, and more. Then we recommend a suite of tools and solutions to help you make your assets and income last.
Ready to develop your retirement strategy? Let’s talk about it. Contact us today at America’s Annuity. We welcome the opportunity to help you analyze your needs and develop a plan. Let’s connect soon and start the conversation.