August 23, 2024
This article covers five key concerns and provides a starting point to help you think through these retirement pain points.
Your Retirement Income based on your lifestyle goals
Financial planners use sophisticated software and modeling tools to project future income needs based on inflation, longevity, healthcare costs, and lifestyle preferences, giving individuals a clearer picture of their retirement readiness. Let our advisors provide a clearer picture of your retirement income and help you plan ahead so that you can hopefully obtain your desired retirement income.
Check out Goodwin Investment Advisory’s retirement planning service if you are looking for help in planning your retirement.
Your Diversified Income Sources in Retirement
Financial planners can help individuals assess their current income sources, identify gaps or vulnerabilities, and develop strategies to diversify their income streams to support their desired lifestyle in retirement.
Check out our guide on this topic – Retirement Income Guide
Your Retirement Planning
According to a survey by the Employee Benefit Research Institute (EBRI), 28% of workers feel mentally or emotionally stressed about preparing for retirement.
The Center for Retirement Research at Boston College reports that households working with a financial advisor are more likely to have higher retirement savings and better asset allocation strategies, leading to improved financial outcomes in retirement.
In addition to helping you manage your retirement savings, our team loves to help you feel mentally and emotionally prepared for retirement. We aim to take you from being unsure and stressed out to having confidence and peace of mind in your personalized retirement plan. We want you to trust that your money is in good hands, but also that you are emotionally supported throughout the process. It is important to have an advisor on your side to talk to and encourage you through all of your financial decisions.
Your Social Security Options
According to a study by the Nationwide Retirement Institute, 72% of retirees wish they had a better understanding of Social Security benefits before they claimed.
The Social Security Administration provides over 2,700 rules governing benefits, making it challenging for individuals to navigate independently.
A report by the Center for Retirement Research at Boston College found that working with a financial advisor can help retirees increase their Social Security benefits by optimizing claiming strategies, potentially adding significantly to their lifetime income.
Roth conversion strategies
A study by Vanguard found that 79% of households could potentially benefit from a Roth conversion, but many individuals are unaware of the opportunity or how to execute it effectively.
Roth conversions can have significant tax implications and a financial planner can help individuals determine the optimal timing and amount to convert based on their unique financial situation and goals.
According to research by T. Rowe Price, strategic Roth conversions can potentially increase retirement income and reduce future tax liabilities, especially for individuals with large traditional IRA balances.
Listen to our Podcast – Should I Convert My IRA to a Roth? RMDs and Retirement Planning Tips.
To learn more about our services and benefits, check out our list of benefits here. We offer so much more than just professional asset management. Schedule a call with us today to get started and see how we can help guide you toward your financial goals and ideal retirement. Our team knows that high-net-worth individuals have more complex financial decisions, and we have the expertise and experience to guide you. Check out our webpage to learn how we can serve your complex financial needs.
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About the Author: Tara Bruce
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