Do you Need a Retirement Planning Specialist?
Asking yourself as you approach retirement if you need a retirement planning specialist is a prudent question to ask. Many people spend the majority of their lives working towards and preparing for retirement, with the hope and expectation that it goes well, and they are able to enjoy some of the best years of their lives. It goes without saying that one certainly does not hope to have their retirement fail after a lifetime of work and sacrifice.
Retirement Planning is More Than Just Investments
There are many aspects to retirement planning that should be considered prior to taking the plunge. Often, these discussions are centered around, if not solely on investments. Don’t get me wrong, this is a key piece of the overall puzzle, but there is much more to it than just investments.
Income Planning is the Foundation of Retirement Planning
Determining and planning for your income needs is the bedrock of retirement planning. Without income, retirement just flat out does not work. Income planning in some respects can be very straightforward and others far more complex.
Identifying Income Sources
A good place to start is to get a clear idea of your income needs. Once this is understood, compare that to what income sources will be coming in (IE Social Security, rental income, part-time income, pension, etc.). If there is a shortfall between what is needed, and what will be coming in, the next step is to understand how the difference will be made up, which is typically supplemented by one’s retirement savings. Assessing these figures can also shed a good amount of light on the sustainability of the overall plan. Needless to say, without a well thought out income plan, accounting for fluctuations and the unexpected, one does not have a high chance of successful retirement, monetarily speaking.
When to Seek a Specialist’s Help
I have had a number of discussions with folks who clearly have their arms around the overall retirement plan, and a retirement planning specialist is not needed in their particular situation. I have had far more discussions where the inclusion of a retirement planning specialist substantially impacted the situation in a positive way and brought peace of mind to the table.
Should you find yourself needing some guidance in getting your retirement plan in place, please reach out and we are happy to see if we can be of some help to you or others.
This is being provided for informational purposes only and should not be construed as a recommendation to buy or sell any specific securities. Past performance is no guarantee of future results, and all investing involves risk. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. The views expressed are those of Jeff Martin and do not necessarily reflect the views of Mutual Advisors, LLC, or any of its affiliates. Investment advisory services offered through Mutual Advisors, LLC, DBA Silver State Wealth Management, an SEC registered investment adviser.
