Retirement Planning

The Wonderful Golden Handshake

In today’s world of corporate mergers, downsizing and budget cutbacks, a large number of individuals find themselves facing questions and choices they thought were still years away. Even though for many it is a welcomed event, for others it is a time of confusion and uncertainty. Whether you have planned for it or not, it has arrived.

The package points out that you have a number of new choices facing you. Should you select the highest income choice to meet your needs now while leaving your spouse without income should you predecease him/her? Alternatively, should you choose the substantially reduced monthly income that provides a reduced benefit to your spouse at your passing? Or, should you take the lump sum benefit and work out your own retirement income plan?

Whatever you do, don’t let it be a decision that is based entirely on the pension itself! There is much more to consider. For example, what other things have you done with investing? Or, are you at an age where continuing to work elsewhere is an option? Or, before retiring, is there a way your outstanding debt can be rearranged to make things a little easier in the decision making process? As you can see, a complete assessment of your entire financial picture needs to be considered. Being reactionary and emotional in this decision process can be harmful to balancing your entire financial picture.

Your FinBal® Qualified FSP can help you review your entire financial arena and assess which option and course of action is best suited for you at this momentous time. Slow down, pick up the phone and take advantage of the one hour, no-cost, consultation. Let Financial Balancing work for you!

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They Said it Would be One of Our Greatest Investments!

Many times, the largest investment that individuals ever make is their home. Depending on your personal needs and circumstances, this investment can possibly be a part of the overall solution at retirement. For example, if you are at a stage in your life where you feel that you would like to downsize and lessen maintenance requirements, you could elect to sell your home. You could then buy a smaller home with a portion of the proceeds while investing the balance to produce additional income. Or, if selling is not an option, you could look into other means of benefiting from your discipline of homeownership (i.e. reverse mortgages, specialized financing arrangements, etc.)

Get together with your FinBal® Qualified FSP before making these and other important, retirement-related decisions.

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Staying Afloat During the Golden Years

Many people spend their entire working career talking about that wonderful day when they can lay up the tools of their trade, drop a big crayon on their bosses desk, telling them to “color me gone”, and then ride off into the retirement sunset! If that sounds like you, let me encourage you to begin the process of preparation for that great and wonderful day.

It’s time to take stock of your past and present retirement planning. Getting there is only a part of the event. Staying afloat is going to be the greatest of all the challenges. You must have a well balanced plan to keep you in retirement once you arrive.

After having spent an entire career saving and planning, it is of utmost importance that you know how to maintain balance. For example, it may be time for you to tame down some of your aggressiveness in investments. Now, I’m not inferring that you go and buy CD’s. However, if you have taken a stance of growth first and capital preservation second, it may be a good idea to reverse the stance, going first with capital preservation and with growth second. While growth is important in staying ahead of the inflation curve, the principle not diminishing is far more important to provide income. This can be achieved by establishing the portion of the principle required to provide the desired income stream and adding 10 to 15% to that amount and then investing it in primarily income producing assets. With the balance, focus on growth without making any income requirements of these investments.

It is of utmost importance that you remember that there is no one-size fits all plan. Your FinBal® Qualified FSP can help you access which approach will work best for you and your retirement goals. Stay informed, stay involved and keep learning!

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Building a Living Legacy

Many people retire and then think of the retirement phase of life as if though it were a “Ron-ko” product that they can just… “Set it and forget it”. Well, life’s just not that way. If you just “Set it”, you’ll “regret it” and never “forget it”. As you enter retirement, you have a great opportunity set before you. Allow yourself to turn the energies and efforts that you have been expending in the workforce towards your family. Being able to spend unlimited quality time going to those games, taking a trip to the local library, or enjoying quality time with your loved-ones is what you deserve. This truly can be what makes these years “Golden”. There are a number of strategies that can be utilized that will allow you the joy of seeing your retirement dollars work for you while providing a means of building a family legacy. You should talk with your FinBal® Qualified FSP about using the strategies that will best meet your goals and objectives while adapting to your particular situations and circumstances. They can help you to establish, build and maintain balance during the wonderful golden years!

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Which Way Do You Go?

You will be facing many different choices and questions as you enter into this new phase of life. Questions like; "Can I draw an income from my retirement funds even though I'm not yet 59½?" "Can I afford to retire at this time?" "Which retirement plan option is the right one for me?"

As your FinBal® Qualified FSP, I can help you answer these and other questions while providing a well balanced set of solutions. Take advantage of the one-hour, no-cost consultation to see how Financial Balancing® can work for you!

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