3 Top Retirement Planning Questions
You’ve worked hard, raised your children, paid off your house, or close to it, and still managed to accumulate a Retirement Nest Egg.
There are 3 Retirement Planning Questions some retirees may have:
- What if I spend too much and run out of money?
- How can we find the right balance of spending and restraint?
- How can I know if my investments will last as long as I do?
What if I spend too much and run out of money?
More of us have finite and insecure pools of capital upon which to draw to fund our retirement.
Planning to live to 75 and subsequently living to 100 then becomes a real concern.
One way to avert this risk is to buy an annuity, which is an insurance contract that pays you a monthly income for as long as you live.
In essence, it’s an insurance policy against living too long, because if you do live well past your life expectancy, you continue to get paid by the insurance company.
The biggest risk to running out of money is not planning.
Whether you do it yourself or you hire a professional, it’s important to get a sense of where you’re at, where you’re going and what you can afford.
Few people would go on a trip without a map and the trip that is your life is no different.
2.How can we find the right balance of spending and restraint?
Ultimately, finding the right balance between your cash flow and spending patterns, while adjusting for any occasional expenses, is key to living comfortably in your retirement.
You should understand an important overarching philosophy: You can’t control financial market fluctuations. You can only control how much you spend and how to adapt.
3.How can I know if my investments will last as long as I do?
When it comes to investing in retirement, experts say there is one guiding principle: You can’t earn back your nest egg without a steady paycheck. So you’d better make sure you’re investing wisely and safely.
All you need to do is review your investments and determine whether your portfolio properly balances your need for safety, growth and income in a way that will keep you both physically and emotionally comfortable.
Instead of accumulating a cash hoard to cover the gap between income and costs, retirees should consider the portion of the gap that is for fixed (that is, non-discretionary) expenses,and should use an immediate annuity to cover just that portion of the gap.
For more than 20 years, our clients have looked to us for direction.
As an independent financial group, we believe that in order to provide skilled guidance, an investment professional should be free from Wall Street and corporate influences.
This philosophy directs us and reminds us that you, as well, are independent, with your own dreams and ideas directing and motivating you.
We at Mintco Financial can guide you with the right financial planning and investment expertise to make the difference in helping you on your retirement journey.
Contact us for a complimentary meeting through our phones:
In Florida 813-964-7100
In Buffalo NY 716-565-1300
Email us best financial advisorbest info@mintcofinancial.com
Visit our website www.MintcoFinancial.com