Why it’s best to talk to retirement plan advisors as soon as possible
December 6, 2021 at 7:00 AM
Why it’s best to talk to retirement plan advisors as soon as possible

Benjamin Franklin said, “Don’t put off until tomorrow what you can do today.” Planning your financial future with retirement is essential to prepare yourself for what’s to come. The sooner you get started, the sooner you’ll have your finances to accomplish your goals. If you haven’t hired a retirement plan advisor yet, we have some reasons why you need to as soon as possible.

They understand retirement plan finances

From your 401(k) to your Roth IRA to a 403(b), it’s important that you know what you’re putting into your retirement savings account and what kind of tax implications come with it. Your retirement plan advisors will help you decide which is right for you, how much you need to contribute, and what your taxes will look like when you start withdrawing money during retirement. Among the available retirement accounts, you’ll find that each provides unique pros and cons, so it’s essential to speak with an expert before making any big decisions on what is and isn’t best for you.

They can help build a payment and withdrawal strategy

If you’re going to make it to retirement, it’s vital that you have a strategy for how much you’re going to contribute to your savings with each paycheck. Your advisor will play a significant role in helping you budget your monthly finances so you can put the maximum amount of money toward your savings that fit your budget. Part of putting together your contribution strategy often includes evaluating the lifestyle you want to lead during retirement, as it’s important to have enough money in your account to sustain it.

Beyond saving for retirement, you need to have a withdrawal strategy. Your strategy will include how much money you take each year and when you take it. An advisor can help you to plan a budget for retirement that makes it easy to see how much it costs to live and what your expenses will be, which will translate over to how much money you’ll need available each month.

They’ll outline retirement expenses

The bills that come with retirement aren’t often too different from what you had when working. You might find that you’re not filling up your vehicle with gas nearly as often as you don’t commute daily anymore, but your electric bill might increase slightly as you spend more time at home. Your retirement plan advisor can go through your monthly expenses and help you build a budget, so you have a good idea of what to expect.

They can rebalance your accounts as life changes

It’s not uncommon for plans to change over the years approaching retirement. Consider that you might lose a job or find a new one. Either way, there’s a chance that you’ll experience a change in salary at some point. Your retirement advisor can continue to help you build your savings account as you experience life changes.

They’ll help you achieve your goals

There’s often a number that prospective retirees try to reach when working toward retirement. Your retirement plan advisor can help you, firstly, decide what that number is and what it means. It’s often the dollar amount you need in your savings before you have enough to retire. This magic number can also be the number of years you have left to work or even the years you’re planning to live in retirement. An advisor can help you make sound financial decisions now, so you’re in a good place when you need the money.

Contact a retirement plan advisor

Don’t put off getting in touch with retirement plan advisors. Reach out to the team of experts at OWLFI and schedule an appointment. They have expert advice that can help you effectively plan for your retirement.

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