Top things to ask when getting retirement planning advice
November 24, 2021 at 5:00 AM
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What to Ask When Getting Retirement Planning Advice

Are you in the market for retirement planning advice? If so, there are a few questions you’d be better off asking. Here are a few things to keep in mind at your next retirement planning appointment.

How do I retire?

People understand the concept of retirement, though the logistics themselves are another story. Paperwork is par for the course, though transitioning to a fixed income can be tricky. That’s why it’s important to outline your goals and expected spending long before retirement.

Do you have questions about what happens next? We’re here to help. Clients rely on our financial resources and qualified industry professionals for comprehensive retirement planning. Call us today for more information.

How much money do I need to retire?

The answer might be straightforward, but that all depends on you. Rather than focusing on a specific number, work with a financial advisor to determine your own retirement goals. Retirement looks different for everyone, so it’s time to dive into the details.

Of course, there are some broad categories to consider when it comes to retirement planning advice. Things like housing, hobbies, and travel expenses vary from one person to the next. Our experienced personnel are here to help you through your retirement journey.

How much will I spend in retirement?

Determining your retirement spending isn’t as easy as you’d think. For one thing, what you currently spend doesn’t necessarily match future funds. Creating a retirement budget will help you establish what’s doable moving forward.

While some people develop more austere habits during retirement, others take the opposite approach. Remember that you’ll suddenly have more time on your hands and potentially more activities to do. Living large isn’t an issue as long as you plan appropriately.

How much will I pay in taxes?

It’s worth consulting a tax professional for the most accurate estimate of your retirement tax rate. That being said, OWLFI handles retirement planning and tax questions under one roof.

Generally speaking, some retirement savings such as a 401(k) are taxable, while Roth accounts are not. Other factors such as income, social security benefits as well as state and federal taxes will also play a part. Your specific retirement taxes require further investigation.

How should I invest my money?

Retirees usually live off of savings regardless of lifestyle. From an investment standpoint, that means they’re more susceptible to economic instability. Plan to invest conservatively while trying to keep up with inflation.

Do you have other investment questions? Feel free to reach out. Our staff specializes in investment management to keep your portfolio on track. We’ll help you streamline a complete financial package.

Should I choose an annuity or a lump sum?

There are two main options when it comes to retirement. The first is to withdraw all of your funds at once as a lump sum. The other, called annuity, involves monthly payments over the course of your retirement.

There are a few things to consider before making a decision. Some people are tempted to take the lump sum without giving it much thought. Of course, the choice is yours. Be advised that annuities may be the better option in light of life expectancy.

Final thoughts

Planning for retirement is mainly a matter of getting your ducks in a row. Knowing what questions to ask ahead of time can help you keep your eyes on the prize. Got any other questions for us? Feel free to reach out. We look forward to seeing you!

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