Whether just getting started or in retirement, working with an advisor can help remove the anxiety from your financial future. The journey to a secure retirement is complex – from evaluating your savings and creating a disbursement strategy to determining the appropriate amount of Social Security benefits to take.

Have Confidence

Confidence in your retirement planning can help you feel more prepared and empowered as you approach retirement. According to a recent study, individuals who felt confident about their savings and investments were more likely to engage in retirement planning than those who were less sure. However, the study also revealed that the amount of money people feel they have saved could better indicate how confident they are about their retirement planning. The research suggests that what matters more is the perceived ability to make adjustments and changes to a plan. This can be important in achieving peace of mind in retirement, as it’s often difficult to predict future expenses and income. A retirement planning Wyckoff NJ advisor can help you ensure your savings are on track to meet your needs and provide sustainable income in the long run, taking into account inflationary concerns and tax implications.

Take Action

As we get closer to retirement, the financial considerations can be overwhelming. However, working with a professional can help you feel more confident that your savings and investments will be enough to enjoy the life of your dreams when work no longer dictates your schedule. This involves more than putting money into a 401(k), although that is certainly an important step. It includes a plan for paying off debt, including your mortgage and an emergency fund. It may consist of an unbiased look at your home and whether it makes sense to sell or if you could use some of the proceeds from selling it toward your retirement. While financial planning cannot eliminate all of the uncertainties that come with aging, it can make your transition into retirement less stressful and increase your chances of success.

Identify Your Goals

Whether you’re jotting them down on paper or using a retirement savings tracking app, identifying your goals is the first step in making a plan to bring you peace of mind. Your advisor can help you create a clear picture of where you are and help you understand how to reach your desired future. Remember, the more time you invest in retirement savings, the better your chance of having enough to enjoy a comfortable retirement life. Creating a financial plan can show you how much you’ll need to save each month to get there. However, there’s more to a successful retirement than just savings. Other factors may come into play, such as the possibility of unexpected expenses or a change in your health.

Create a Plan

Creating a financial plan is essential to helping you reach your retirement goals. An advisor can help you create a plan considering your current savings, upcoming expenses, and desired retirement lifestyle. During this stage, many of our clients focus on building savings through employer-sponsored plans such as 401(k)s or traditional pension plans. They may also be considering a retirement annuity, which allows them to invest a one-time amount in exchange for a guaranteed regular income. Many people at this stage also want to consider how they will cover their healthcare costs in retirement, including Medicare premiums and long-term care. Finally, they need to consider how much to save and how their investments will be taxed, particularly as they start withdrawing funds from their accounts. Many advisors focus solely on investment management, but we take a comprehensive approach to retirement planning that includes all of these issues. This helps our clients feel more confident that they can retire comfortably.