Retirement Income Planning a Priority for Clients

Retirement planning involves establishing and analyzing the steps and choices required to achieve the desired retirement goals. All components of retirement planning include identifying income sources, estimating expenses, implementing a savings plan, and managing assets and risks.

However, specific retirement plans vary based on where you live. Each region or country has its distinct system of employer-sponsored programs. 

Starting A Retirement Planning

In an ideal world, retirement planning would last a lifetime. Although you can begin at any time, it will work best if you include it in your initial financial planning, which is the best way to guarantee a secure, enjoyable, and safe retirement.

Recent surveys have shown that registered investment advisors agree about how significant retirement income planning is in overall financial planning. It is also the most desired service among consumers, regardless of age and gender. 

Retirement Planning Stages

These tips can help you plan for a successful retirement at various phases of your life.

Ages 21 to 35: Young Adulthood

Young adults may not have much money available for investing, but they have time to wait for investments to mature, which is a crucial and priceless component of retirement savings. Compound interest theory helps to achieve this.

Ages 36 to 50: Early Midlife

Mortgages, college debts, insurance premiums, and credit card debt are just a few of the financial burdens of early middle age. At this stage of retirement planning, it’s imperative to keep saving, nevertheless. 

These are some of the best years for aggressive saving because of the increased income and the time you still have to invest and earn interest.

People saving for retirement should keep using employer-sponsored 401(k) matching plans.

Additionally, they should make the maximum 401(k) or Roth IRA contributions (you can have both simultaneously). Consider a standard IRA if you’re not qualified for a Roth IRA. 

Finally, don’t forget about disability and life insurance. If something happens to you, you must ensure that your family can make ends meet without using retirement funds.

Ages 5065: Later in life

Your investment portfolio should grow more cautious as you become older. There are a few benefits even though there isn’t much time left to save for folks in this retirement planning stage. 

You may have more money available to invest if you earn more, and some of the costs, as mentioned earlier (mortgages, school loans, credit card debt, etc.), have already been paid off by this point.

Other Planning Methods

It is also never too late to open and fund a 401(k) or an IRA. Catch-up contributions are an advantage of this stage of retirement planning. You can make an additional $1,000 annual contribution to a regular or Roth IRA once you turn 50 and an additional $6,500 annual contribution to a 401(k).

1. If you’ve exhausted your tax-advantaged retirement savings choices, think about adding to your retirement savings with other types of investments.
2. Some comparatively risk-free strategies to increase your nest egg include certificates of deposit (CDs), blue-chip equities, and certain real estate assets (such as a vacation property you rent out).
3. Additionally, you can start to investigate how much your Social Security payments will be and at what age you should start receiving them. Although the retirement age for full benefits is 66, early benefit eligibility begins at 62.
4. Additionally, research long-term care insurance, which will assist in defraying the cost of a nursing home or in-home care should you require it in your later years. Unexpected medical expenses can completely deplete your finances if you don’t adequately plan for them.

The longer you have, the more interest you will be able to earn. Even if you can only save some dollars per month, investing it at age twenty-five will increase in value three times faster than starting at age forty. 

There is no way to make up for lost time, even if you were to invest more money in the future. Therefore, a retirement plan and goal should be your top priority, irrespective of age and gender. 

Contact Information:
Email: [email protected]
Phone: 3604642979

Bio:
After entering the financial services industry in 1994, it was a desire to guide people towards their financial independence that drove Aaron to start Steele Capital Management in 2013. Armed with an extensive background in financial planning and commercial banking coupled with a sincere passion for helping people, Aaron has the expertise and affinity for serving the unique needs of those in transition. Clients benefit from his objective financial solutions and education aligned solely withhelping them pursue the most comfortable financial life possible.Born in Olympia, Washington, Aaron spent much of his childhood in Denver, Colorado. An area outside of Phoenix, Arizona, known as the East Valley, occupies a special place in Aaron’s heart. It is where he graduated from Arizona State University with a Bachelor of Science degree in Business Administration, started a family, and advanced his professional career.Having now returned to his hometown of Olympia, and with the days of coaching his sons football and baseball teams behind him, he now has time to pursue his civic passions. Aaron is proud to serve on the Board of Regents Leadership for Thurston County as the Secretary and Treasurer for the Morningside area. His past affiliations include the West Olympia Rotary and has served on various committees for organizations throughout his community.Aaron and his beautiful wife, Holly, a Registered Nurse, consider their greatest accomplishment having raised Thomas and Tate, their two intelligent and motivated sons. Their oldest son Tate is following in his father’s entrepreneurial footsteps and currently attends the Carson College of Business at Washington State University. Their beloved youngest son, Thomas, is a student at Olympia High School.Focused on helping veterans and their families navigate the maze of long-term care solutions, Aaron specializes in customized strategies to avoid the financial crisis that care related expenses can create. Experience has shown him that many seniors are not prepared for the economic transition that takes place as they reach an advanced age.With support from the American Academy of Benefit Planners – an organization with expertise and resources on the intricacies of government benefits – he helps clients close the gap between the cost of care and their income while protecting their assets from depletion.Aaron can help you and your family to create, preserve and protect your legacy.That’s making a difference.

Disclosure:
Disclosure:Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice filed, or is excluded from notice filing requirements. BWM does not accept or take responsibility for acting on time-sensitive instructions sent by email or other electronic means. Content shared or published through this medium is only intended for an audience in the States the Advisor is licensed in. If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copy of this transmission is strictly prohibited. If you receive this communication in error, please immediately notify the sender. The information included should not be considered investment advice. There are risks involved with investing which may include market fluctuation and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making an investment decision.Confidential Notice and Disclosure: Electronic mail sent over the internet is not secure and could be intercepted by a third party. For your protection, avoid sending confidential identifying information, such as account and social security numbers. Further, do not send time-sensitive, action-oriented messages, such as transaction orders, fund transfer instructions, or check stop payments, as it is our policy not to accept such items electronically. All e-mail sent to or from this address will be received or otherwise recorded by the sender’s corporate e-mail system and is subject to archival, monitoring or review by, and/or disclosure to, someone other than the recipient as permitted and required by the Securities and Exchange Commission. Please contact your advisor if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. Additionally, if you change your address or fail to receive account statements from your account custodian, please contact our office at [email protected] or 800-779-4183.