Retirement Planning

"Everybody's got a plan until they get punched in the mouth?" - Mike Tyson

Today fewer Americans have a pension plan, and those that do are often concerned if they can count on it to be there for them.  You have seen the commercials on TV that talk about having your "Number" or maybe you are trying to figure out your safe distribution rate.  With the different considerations are you looking for a trusted guide that can help you navigate your way so you can have the retirement you want.  Someone that will be there for you both in good times and bad that can help you get back on track if you get knocked off.

10 Things to Consider in Retirement Planning

  • What is important about retirement to you? Do you want to travel?  Volunteer?  Start your own business?
  • Are there any strategies to help me maximize my pension for my spouse and I?
  • Should I pay off my mortgage before I retire?
  • How will my income and RMD's affect my Medicare Premium?
  • If I were to become widowed, would my taxes go up?
  • Should I convert any of my 401(k) or IRA's to a Roth IRA?
  • What if I live longer than I planned, will my income last?
  • How would a stock market correction affect my income plan?
  • Will I have a need for life insurance during retirement?
  • How would a nursing home stay affect my spouse financially?

Do you need help with your 401k/ 403b?

Advice matters when saving for your retirement. According to a study done, people who sought help managing their 401(k) enjoyed a median annual return almost 3% higher than those who didn’t—even after fees they paid for that advice.*

The study found that people who didn’t get help suffered from several mistakes: Inappropriate risk levels, inefficient portfolios, and they misunderstood market volatility.

*According to the study of eight large 401(k) plans with more than 723,000 participants and $55 billion in assets, by Aon Hewitt, a consulting firm, and Financial Engines, an investment advisory firm. Past performance does not guarantee future results.

Common Retirement Planning Mistakes

  1. 1
    Not Signing up
  2. 2
    Not taking full advantage of company match
  3. 3
    Taking to much risk
  4. 4
    Not taking enough risk
  5. 5
    Not understanding whether you should be contributing Pretax or Roth 401(k)
  6. 6
    Looking at last years winners and then investing
  7. 7
    Cashing it out when leave the company
  8. 8
    Not understanding the investment choices you have
  9. 9
    Leaving it behind at your old company

Many 401k participants just utilize the default investment choice in their plan or use a Target Date Fund. When planning for your retirement, do you want an investment strategy that is designed for the “Average Participant” or do you want a strategy that is designed for you.

Does your 401(k) plan offer a Self-Directed Brokerage account (SDBA) ? This option is offered in many 401(k) plans, but most participants do not know it is available. This allows you to invest outside of the standard menu of investment choices. The SDBA gives me the opportunity to help you.

I  can help you create a strategy that is designed for you to meet your goals and objectives.  I will coordinate this strategy to include all your assets.  This will give you more confidence in  reaching your financial goals. 

Let's Build Your Retirement Plan Together