Four Important Retirement Planning Considerations

retirement planning couple with advisor

No matter how well you think you are prepared for the retirement milestone, you really won’t understand how much your life will change unless you experience it first hand. Nevertheless, it doesn’t hurt to listen to the advice of individuals who have been retired for some time and, of course, your trusted financial advisors who will guide you through the retirement planning process.

Financial Resources Are Finite

For most of our lives, working in order to earn money has been a fundamental truth. The American work ethic has been ingrained in our psyche from the day we got our first paper route or summer/after-school job. When you retire, you suddenly realize that you won’t have that steady source of income which afforded you the lifestyle you have become accustomed to. The harsh reality is that money will be of concern during retirement. Unless you planned extremely well and have sources of income from various sound investments, your financial resources will start to decrease at a rate that will depend on your budget and lifestyle choices. This means that you most likely will have to make lifestyle adjustments and seek the advice of your trusted financial advisors who can help you budget your finances more effectively. 

Plan For The Unexpected

Apart from budgeting for your normal everyday expenses and vacation cruises, you need to set aside an amount of money for serious unexpected events so as not to affect your normal retirement plan. Naturally, if this amount is spent, you’ll have to find a way to replenish it. Again, you’ll need the help of experienced retirement financial advisors who’ll adjust your budget in a way that your lifestyle won’t be affected significantly.

Choose Your Lifestyle Wisely 

Take the time to plan for your retirement in writing. By putting your plans in writing you will be able to set realistic goals that can be adjusted if need be. Another piece of advice you should heed is considering living below your means if you want to have that all-important peace of mind. Also, find financial advisors, like the professionals at Multop Financial, who will help you invest your money wisely in an effort to make it work hard for you while at the same time taking into account inflation and taxes.

Consult With Experienced Financial & Retirement Advisors

Perhaps the most important consideration regarding your retirement is consulting with experienced and trusted retirement advisors. At Multop Financial, we believe that retirement planning was once a luxury for a few, but now it has become a necessity for all. 

An experienced retirement advisor should be aware of a variety of tax-advantaged retirement plans which are available today to help you build the wealth you need to live the retirement lifestyle that you desire. When planning your financial retirement, the financial advisor should utilize appropriate tools to react to a variety of changes in your situation as well as the changing economic environment. Naturally, the plan’s projections and assumptions should be reevaluated on a regular basis. You need to realize that without appropriate adjustments, the risk of failure can increase significantly.

At Multop Financial, we work towards success using a three-stage process to manage your retirement income. As you might expect, the first stage is Planning during which we gather data, identify assets, liabilities and income sources, establish goals, develop projections and construct actionable plans. 

The second stage is the Implementation of the plan. During this stage, you and your advisor will agree on the plan to initiate the implementation, and establish a withdrawal strategy.

The third stage is Monitoring the plan. At a minimum, an annual review is necessary to assess sustainability and performance and to identify the impact of life events and changes in goals.

Retirement can be one of the most rewarding parts of our lives if we plan wisely. For more information about retirement planning, please, use our online contact form or call us at (888) 671-7891 today. Our team of advisors will work with you to develop a customized financial plan specific to your personal goals!

Securities offered through LPL Financial, member FINRA/SIPC. Multop Financial is not affiliated with LPL Financial, and offers tax and accounting services separate and apart from LPL Financial.