Retirement Income

How to Create a Reliable Retirement Income Plan That Designed to Last   Retirement planning involves more than building savings—it’s about creating a strategy to turn those savings into sustainable income. With longer life expectancies, many individuals are concerned about making their retirement income last. Developing a well-structured retirement income plan can help provide financial confidence and support your goals throughout retirement. Step 1: Estimate Your Retirement Expenses A reliable income plan starts with understanding your future expenses. Consider: Basic living costs (housing, food, transportation) Healthcare expenses (insurance premiums, co-pays, out-of-pocket costs) Leisure activities (travel, [...]

Saving for retirement can seem daunting, especially when juggling competing financial priorities. However, understanding and leveraging the power of compound interest can make a significant difference in achieving your long-term goals. The earlier you start, the more time your savings have to grow, making compound interest a vital tool for building your retirement fund. What Is Compound Interest? Compound interest refers to earning interest on both your initial investment (principal) and the interest that accrues over time. This cumulative effect accelerates the growth of your savings as your money continues to work for you. For [...]

Do you feel like you have enough saved for retirement? Do you have anything saved for retirement? If your answer to either of these questions is no, then our advisors may have some strategies to help you turn your retirement income strategy around. Here are some things that our advisors recommend when it comes to boosting your retirement savings: Assess Your Financial Situation Honestly This isn’t as easy as it sounds. When you were a kid and you were deciding how to spend the money you had, it was probably pretty easy to budget things [...]

One way of thinking about retirement is that it happens in phases. The length of each phase and the strategies for each are going to differ from person to person, but this can be a helpful way to break down a very complex topic. We’re going to break down each one of the phases and explain some important financial moments in each. Phase 1: Pre-retirement (Approximately Ages 50-62) This is around the age when you will start to have a sense of what you have saved and what your expenses might look like. When you [...]

The following two types of retirement savings methods may sound similar, but there are a lot of important differences that might be useful for you to know if you’re looking to get a better understanding of what retirement might look like for you. Defined-Benefit Let’s start with a defined-benefit plan. These types of plans commonly come in the form of pension plans.[1] A pension plan guarantees a certain level of retirement benefit based on your salary and how many years you worked for the company.[2] As an employee with a defined-benefit plan, you have little [...]