When you think about your school years, whether your high school, college, or post-grad days, you’ll revisit memorable moments from when you had your whole life ahead of you. Schooling is all about providing students with the tools they need to achieve their future potential. When it comes to retirement planning, the same is true! Believe it or not, you have your whole life ahead of you in retirement as well, so make sure you’re prepared.
Revisit your Risk Tolerance
Ask yourself, is your risk tolerance reflected in your retirement portfolio? Striking a balance between high-risk and low-risk assets across sectors and asset classes that makes sense with your retirement goals is crucial. For example, a retiree may allocate a portion of their portfolio to assets to high-growth technology stocks, while another portion of their portfolio is allocated to consumer staples stocks that pay dividends. You may also want to diversify across asset classes such as real estate or bonds. Everyone’s risk tolerance is different, but getting it right can be the difference between a comfortable retirement and one where you’ll need to cut a few corners.
Revisit your Income
The whole point of saving throughout your lifetime of work is to help provide you income in retirement. Well, that time is either here or not too far away. But it means you must ask different questions about your money. For instance, instead of asking how much your money can grow in value, you’ll need to ask how that money can maintain its value and pay you optimized income – either in the form of dividends, interest rates, or withdrawals from retirement accounts.
You’ll also want to consider your Social Security strategy. It’s not as simple as just reaching retirement age and receiving payments. There are reasons to take Social Security payments early or to wait to claim and receive greater benefits. You’ll want to strategize with your other sources of income to figure out what time is best for you so you can get the most out of Social Security.
Talk to a Financial Advisor
There are a lot of moving pieces to a retirement plan that will depend on your unique situation and goals. A financial professional will know what tools to utilize to help you meet your retirement goals. But not all financial professionals are the same. Some want to sell you cookie-cutter financial products that don’t make sense for you. But we consider your unique situation to make sure all your bases are covered and your unique goals are met. You might not be getting the most out of your finances without a tailored approach. So, talk to us today for a no-obligation financial review.
Don’t just wait until tax season to figure out your tax plan. Taxes affect your whole retirement so factor them into your wealth preservation and income plan too. We can help you build a comprehensive retirement that considers your unique financial situation. Sign up for one of our complimentary meetings to get one step closer to meeting your retirement goals.
Advisory services are offered through Millstone Financial Group Limited Liability Company, an Investment Advisor in the State of New Jersey. Insurance products and services are offered through Millstone Financial Group Limited Liability Company, an affiliated company.Millstone Financial Group Limited Liability Company is not affiliated with or endorsed by the Social Security Administration or any other government agency. All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Millstone Financial Group Limited Liability Company does not offer tax planning or legal services but may provide references to tax services or legal providers. Millstone Financial Group Limited Liability Company may also work with your attorney or independent tax or legal counsel. Please consult a qualified professional for assistance with these matters.
