Retirement Planning Financial Advisor Florida 2024
Retirement Planning Financial Advisor Florida 2024
As a Fiduciary Financial Advisors:
- We will always put our clients’ best interests first.
- We will act with prudence; that is, with the skill, care, diligence, and good judgement of a professional.
- We will not mislead clients, and will provide conspicuous, full and and fair disclosure of all important facts.
- We will avoid conflicts of interest.
- We will fully disclose and fairly manage, in our clients’ favor, any unavoidable conflicts.
How a Fee-Only Fiduciary Financial Advisor Can Help
A fee-only fiduciary financial planner takes the time to learn about your personal needs and goals.
Only then will he or she offer you investment advice.
In return, you can decide exactly how involved you want to be in the process.
What is financial planning?
Financial planning is a multi-step process that provides you with two important deliverables. First, an in-depth review of your current situation (either comprehensive or specific, depending on your planning objective) and secondly, a roadmap that provides clear direction on how to achieve your planning goals.
What is “fee-only” financial planning and why should it be important to me?
Fee-only financial planners are paid only by their clients.
Retirement Planning Financial Advisor Florida 2024
You may take some of your most important decisions at retirement, setting your income streams for the rest of your life.
Building up a meaningful fund requires commitment and discipline, balancing ‘living for today’ against ‘providing for the future’.
The earlier you start the better to give the longest possible investment horizon.
“Time” is a crucial factor. The message here is a firm “Don’t delay!”
3 Top Tips for Saving for Retirement
1. Know What You Want
This is the least talked about aspect of retirement planning but it is actually the most important. Ask yourself: What do you want for your future?
Will you travel? Keep working? See family? Drink wine? Learn something new? All of the above?
Understanding what you want from life helps you understand the purpose of your saving and gives you a goal to work towards. Which not only quantifies the size of the challenge but will also help maintain your motivation when things get difficult.
2. Start Now
As the Chinese proverb goes:
“The best time to plant a tree was twenty years ago. The second-best day is today”
The sooner you begin saving for retirement, the easier it will be. Not only does it create a lifelong money habit that you can build on, it also gives you longer to benefit from the impact of ‘compounding’, i.e. the effect of earning interest on interest.
If you haven’t started already, start now.
3. Little and Often
When it comes to saving for retirement, it doesn’t matter how little or how much money you have spare, get into the habit of putting an amount away regularly.
Increase that amount each and every time you get a pay rise (before you get the chance to spend it).
You’ll be surprised how little you miss small amounts. And how quickly the money builds up. Which in itself becomes motivation to do even more.
How Much Is Enough in Retirement?
Have you got enough for retirement? Have you even asked yourself that question?
Unfortunately, some clients’ come to us and realize that their current retirement provisions are not enough to facilitate the retirement that they desire.
Saving for retirement can feel like a burden, particularly if you are young and see this as something to consider ‘down the line’.
Others may be confident that their pension plans are enough, but easily forget to consider some crucial factors that can impact their retirement savings drastically.
Answering ‘how much is enough’ is a difficult question.
However, with our help, we can help you establish clear financial goals and objectives and use cash flow modelling to help illustrate what your financial future may look like.
This can help reassure you that you ‘have enough’, or potentially identify inefficiencies in your financial plan which need addressed so that you can enjoy the retirement that you deserve.
Having this financial clarity and reassurance is invaluable, and worth getting before you realize that you do not have enough.
Retirement Planning Strategy in Florida Retirement Planning Financial Advisor Florida 2024
An important aspect to developing a retirement withdrawal strategy is fully understanding all of the retirement resources you have available. These might include:
- A defined contribution workplace retirement plan such as a 401(k) or a 403(b)
- IRA accounts, traditional and/or Roth
- A Health Savings Account (HSA)
- A pension
- Social Security
- Taxable investments
- An annuity
- Ownership or interest in a business
- Stock-based compensation such as options or restricted stock units
- Real estate
There are rules of thumb such as the 4% rule, which says you should be able to safely withdraw 4% of your nest egg annually during retirement and have your money last for at least 30 years. This is a useful “back of the napkin” estimating tool, but you should really sit down and either do the math yourself or engage the services of a fee-only financial planner to help.
In order to make an educated guess as to whether you’ll have adequate income to live a comfortable life at retirement you’ll need to know what your approximate expenses will be. Then you will need to have a conservative, yet somewhat predictable, idea of what you will receive for income. Some individuals may chose, or be required, to work part time, in even a lesser paying job to supplement their income. If your guesstimated expenses exceed your guesstimated income you have an income shortfall.
The best way to close a future income shortfall is by proper retirement planning today. Lower expenses wherever possible and increase the amount dedicated to long-term savings and investments.
Retirement Planning for Mid- Career in Florida
If you are just starting out or in your mid-career, increasing your 401(k) contributions by just 1% this year will have a huge impact on your retirement accounts and life.
This doesn’t even factor in the potential increased growth that your account could receive.
Lastly, your salary regularly increases with inflation, usually around 2% to 3% each year.
If you just took 1% from that, you would hardly notice the change from your cash flow.
This strategy is something relatively new, but is gaining more traction among plan sponsors and large companies.
Many of whom are automatically enrolling employees into automatically increasing their deferral, or at least strongly encouraging that their employees increase their 401(k) contribution each year.
Mintco Financial Fiduciary Financial Planning in Florida Best Fiduciary Retirement Planner in Florida
Most people look for guidance and advice when developing their retirement planning strategy.
A knowledgeable and experienced financial advisor has been through the exercise many times and can be invaluable in helping people to get on the right track.
Staying on the right track will take discipline and dedication but as your retirement plan begins to take shape you’ll be inspired to continue.
Between work, school and kids, it can be difficult to find time to manage your finances.
That’s why we offer flexible services and scheduling — because we believe that with enough balance, anything is possible.
How do you price your financial planning services?
Our fees are based on the time we spend meeting with you — either in-person or over the phone — researching and analyzing your situation and formulating our recommendations that are specific to your situation.
Let our team of fiduciary financial advisors help you, drop us a line.
Call to schedule a first complimentary meeting Call us at 813-964-7100