Best Retirement Planning Buffalo NY

If you know your monthly expenses,, it should be a fairly easy calculation.

If you saved $300,000, this number should be divided by say 25 years = $12,000 p/yr.

That is without anticipated growth, so a conservative estimate.

Plus your Social Security check x 12, less taxes, should give you a good idea of a yearly income.

Add that all up, less your monthly expenses, will give you your discretionary income.

Hoping that excess allows you to take a vacation or two.

How to start your Retirement Planning?

Consider delaying social security – while not always the best answer (we can help determine when it’s not), delaying social security is provides a low-cost, guaranteed return that can’t be matched by annuity products.

Take a risk assessment. The higher the risk an investment has, the higher its rate of return. However, increased risk also brings with it a higher risk of failure.  Your retirement planning should provide a valuable risk assessment based on your preferred risk tolerance. Finding the proper balance between risk and security is paramount in a successful retirement plan.

Look at the complete picture. A successful retirement plan should include multiple avenues of retirement income, from a portfolio that invests in stocks, bonds, mutual funds, and ETFs to insurance options, such as annuities. Diversification is a necessity.

Streamline your financial life – consolidate accounts where appropriate, designate beneficiaries to your accounts, view all your accounts as one cohesive unit working together to achieve the highest, most tax-efficient, returns it can achieve. The sum is much more powerful than the individual parts.

 Take only the risk you need to take to achieve your own personal objectives. For most, retirement is not about maximizing returns anymore; it’s about living your own retirement goals. Nothing more. Develop and stay disciplined with a portfolio that achieves those goals. Greed can, and has, ruined retirements.

 Hire an advisor – even the best professional athletes have coaches and trainers to keep them disciplined and performing at their peak abilities. A fee-only, trusted advisor, who looks out for your best interests and is there for you when retirement presents its challenges, can be invaluable. Sometimes an advisor’s biggest role is preventing one from making an irreversible mistake.

Start today. Don’t let your crastination turn pro.

Mintco Financial Retirement Planning Buffalo NY

Retirement income planning is a topic of grave importance that should not be taken lightly and finding a partner to help you assess your retirement needs and provide you with an unbiased long-term retirement income strategy is of the utmost importance.

Your partners here at Mintco Financial are always available to giving you a helping hand, provide you with understanding and insight into your current and future retirement needs, and help you establish a plan to reach all of your goals.

Contact us at 716- 565-1300

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