Retirement Income Planning

Messing up on your retirement planning isn’t really a mistake that you can come back from. Retirement is the final stage of life, and if you didn’t put in the time earlier in life to start saving for it, you’ll have lost out on thousands of dollars. Saving for retirement isn’t as easy as simply putting money in your piggy bank every week. In addition to saving money, it is also important to know how to manage your 401k, which investments are prudent in the long-term, how to get the maximum benefits from social security, and more. There is nothing more important you can be doing for your finances right now than preparing for retirement.

With an annuity, you pay premiums that the annuity pays back to you when you need long-term care. Asset-based long-term care coverage through a whole life insurance policy and annuities are both living benefits. They pay out during your lifetime. This type of insurance usually requires an upfront premium payment. However, that’s the only premium you’ll pay. Depending on the insurer, you may have the option to pay premiums monthly. That’s similar to traditional long-term care insurance, which allows lump-sum or monthly payments. Once you need long-term care, your asset-based coverage pay out. You can fund the plan with a variety of different assets. For example, you can use money from savings or a retirement account. You also may use home equity, an existing whole life insurance policy or an annuity. The latter offer some flexibility when tapping into your assets.

How Financial Advisors can help you plan for Retirement

Retirement income planning is a complicated beast, and it’s not uncommon at all for the average person to have a hard time understanding all the complex minutia that’s involved. Here are some of the many things that our retirement income planning team can help you with:

• Understanding your net worth, and the future value of your current savings with factors such as inflation taken into account
• Which investments are worth your time — and which ones will cause you to lose thousands in retirement savings
• Minimizing the amount of money that the IRS takes from you
• Everything you need to know about IRAs and 401ks, and how to take max advantage of them according to your circumstances
• Setting a general retirement date that will be best for your specific situation
• Maximizing social security benefits and knowing when to file

Maximizing Your Social Security Benefits

When it comes to planning your retirement income, it’s incredibly important to consider the social security benefits you’ll be earning. Unfortunately, it’s not as cut and dry as just relying on a given number — the amount of your social security benefits are determined by a number of factors. There are several things you can do to maximize your social security. At Wyatt Financial, we can take an in-depth look at your specific situation and give you professional advice on how you can maximize your benefits.

IRA & 401(k) Pension Rollovers

When it comes to your IRA or 401(k) investment funds, you do have options, but to be honest, there aren’t many that won’t cost you money in the long run. Keeping your 401(k) with your employer is often allowed, but you won’t be able to contribute any more to your investment, and you could become vulnerable to fees and/or taxes. You could cash out, but this is simply an allaround bad idea. Cashing out your 401(k) before you retire could mean losing up to 40 percent of your investment to expensive fees and taxes.