Retirement is an important and often elusive goal for most of us. We work our entire lives, saving for the moment in which we can leave work behind us and enjoy our twilight years in peace – perhaps enjoying a margarita on a tropical beach somewhere. However, achieving your goals requires retirement income planning in Oakland County.
Here are some things you should consider when mapping your retirement:
The first step in retirement income planning in Oakland County is creating an itemized list of your expected expenses. Understanding where the money might be going – be it to mortgage or daily comforts – will help you understand how much you need to put away to live comfortably. The most effective way of doing this is by sitting with a financial advisor and getting a sense for how much income you can expect once you’ve retired.
Many people contemplating retirement are expecting that Social Security will help them meet their financial goals. Although Social Security does provide sustainable income, the payout is based on a percentage of your lifetime earnings. That means that you should not expect Social Security to cover all your costs as it’s often not enough to cover big-ticket items. Ideally, it would help if you thought of Social Security payments as a supplement to other retirement income.
A key element of retirement income planning in Oakland County is ensuring that all your eggs are not in one basket. Instead of relying exclusively on your portfolio or 401(k) plan, you should have multiple financial avenues for added security. By combining stock options, Social Security, and other guaranteed lines of income like annuities, you can rest assured that your funds will not run dry.
It is also essential to think beyond just your retirement. For most of us, our goals are not just about us but our families as well. Whatever retirement option you choose, you should ensure that your family will be taken care of even when you are not around. For example, many annuities offer survivor benefits that roll over to your immediate family were you to pass.
If you are in the middle of retirement income planning in Oakland County, security should be at the forefront of your mind. After all, we do not want to be concerned with our retirement funds running out before we were expecting. Although stock-dependent options carry inherent risk, you can mitigate these gambles by balancing your retirement funds with zero-risk options like annuities.
At ABB Wealth Strategies, our goal is to help you meet all your retirement goals, so money is never a source of stress when the time comes to wind down. Our team can help you determine which options work best for your financial situation and create a roadmap to achieve the ideal retirement. If you want to learn more about us and how we can connect you to annuity options, get in touch today!