7 Best Steps Retirement Planning in Tampa Florida

A retirement plan is a well-thought-out blueprint for achieving specific retirement goals.

The foundation of this blueprint is defining the retirement lifestyle you envision, as simple or as extravagant as that might be, and then putting a price tag on it. It is on this foundation that your retirement savings and investment strategies should be built.

Properly linking your retirement goals with your investment decisions is what true retirement planning is all about.

The plan should come first, and then appropriate investment strategies can be designed and implemented to fulfill it. Then these strategies are monitored to ensure that your plan stays on track.

If you’ve acquired financial products without first designing a plan, you’ll most likely find yourself in a retirement lifestyle dictated by chance and circumstance instead of the one you could have had with thoughtful planning and a coordinated investment strategy.

Unfortunately, most individuals don’t have a plan. Instead, they own a variety of products they’ve been sold by a commission-based financial advisor, broker or insurance representative — who often is a salesperson masquerading as a financial planner.


Financial Planning for Retirement

A comprehensive financial plan is the forecasting of how your money flows and touches your life. It’s a point on the horizon and not necessarily carved in stone.

Through thick and thin, in good times and bad, the people who are successful at setting goals and achieving them  at least financially — are those who create a financial plan and follow it.

Indeed, if you want financial security, having a good plan is the only way to achieve it.


How to create a Financial Plan for your Retirement in 7 Steps

  1. Discover Where Your Money Goes Now
    The first and most important step to creating a financial plan is to develop a budget detailing where your money goes now.
  2. Set Financial Goals
    Now ask yourself a simple question: “Where do I want to be 10, 15 years down the road?” Be realistic in setting out your goals, and be specific. You want to succeed, not fail, and you can do that only if you start out with attainable, specific goals.
  3. Prepare For The Unexpected With Insurance Adequate Life Insurance, Health Insurance, auto coverage, and homeowners or renters insurance are also important. No matter your financial situation, insuring against the unexpected can help keep you on the right track should accidents create a financial burden.

4.  Evaluate Your Social Security : Social Security is promising to pay you a benefit for as long as you live.  It also offers a cost of living adjustment to keep up with inflation.  Regardless of the negative press, this is a good deal for retirees. Even better, there are ways to make this good deal a great deal.  It’s important to know your retirement options as they pertain to Social Security.  For married couples, take time to explore the concepts of “start and suspend” and “restricted application for spousal benefits only.” All social security beneficiaries should consider the impact of staring benefits early, at full retirement age, or at age 70.  Other things to consider are you other income sources and anticipated part-time work.  All which can have an impact on your benefit.

5.   Create a Tax Plan Your tax situation in retirement may be substantially different that your taxes while working. Depending on your total income, Social Security may or may not be taxable.

  1. Review your Portfolio

7.    Stress Test Your Plan Retirement planning is a moving target.  Whether you are 20 years away or retirement is next week, the answers are never clear.  It takes time and energy to monitor a retirement plan. What you should do is test the plan for adverse (bad) market performance, a premature death of a wage earner, or an early retirement (to name a few).  These tests will help you understand what risks you have in your plan,  and will allow you to manage these risks better should they come up.

Mintco Financial Retirement Planning in Florida

No matter what stage of life you’re in – retiring soon, already retired, or just starting your retirement planning, we can help you plan for and enjoy a financially secure retirement.

While there are many vehicles to do this, an understanding of our client’s situation and needs is critical to help us optimize financial assets and minimize any tax burden, based on the client’s particular circumstances.

Mintco Financial Advisors help select the best strategy for your needs so that you do not outlive your money.

Call us today to schedule a meeting at 813-964-7100

Email us at info@mintcofinancial.com