Preservation Financial Group

Will I HAVE Enough To Retire?

You might be thinking, “Will I have enough to retire?” In order to find out, you may look at many factors. For example, inflation and potential changes in tax laws may affect how far your money can stretch in retirement. Additionally, increasing costs, such as healthcare or living expenses, can increase how much you may need. Of course, where you put your money in retirement matters, too. Different strategies carry levels of risk. So, you may need to think about how your risk may impact your money. To help, Preservation Financial can give you a detailed retirement income plan.

Let Us Guide You

In addition to these well-known areas that affect retirement, there are lesser known ones too. For instance, some retirees may have pensions or social security. You may wonder, “Will I have enough to retire?” if one spouse passes away. Or, perhaps you and your spouse have retirement accounts. Do you know how much of their money, if any, you may be able to use? Also, if you have insurance policies or annuities, your contracts say how your beneficiaries may receive that money. Preservation Financial is here to help guide you through your options.

Retirement Planning

In our firm, we work with clients to understand retirement strategies. First, we provide seminars to educate you. We believe that clients should feel comfortable with the decisions they make regarding retirement. Second, we review your goals and current situation. In addition, we will take the time to review multiple aspects of retirement. For example, we can show you ways to protect your principal. In addition, we can look at the details of your situation and provide guidance. In our meeting, we can go over items such as:

  • Retirement account status
  • 401(k) & solo 401(k)
  • 403(b)
  • 457(b)
  • IRA, SIMPLE IRA, Roth IRA, SEP IRA, Self-directed IRA
  • Pensions
  • Social Security & Other Income Benefits
  • Annuities
  • Medicare/Health Insurance
  • Potential tax implications
  • Income planning & strategy

Income Planning

Part of an overall retirement strategy is to examine your income. Could it change over time? Will I have enough to retire if my spouse were to pass away before me? These are questions we can review with you as part of our income planning discussion. Indeed, life can change. With a proper income plan, you can know how certain changes could impact your retirement. More importantly, you can make adjustments. Retirement is so much more than asking “Will I have enough to retire?” Instead, it is a process of looking at anything that may impact your income. Income planning can help you discover the possibilities and be prepared for uncertainties.

In addition, an income plan may help you maintain your standard of living in retirement. Using our specialized approach, we can review many “what if” scenarios. With this information, we aim to help you feel comfortable about your income and retirement plans.

Insurance Strategy

Insurance can play a role in retirement as well. Certain life insurance policies or annuities may be suitable for some retirees. In fact, having an insurance strategy may help you protect your principal.

Of course, this is based on the claim’s paying ability of the insurance company. However, we suggest you learn about how insurance works. Since there are many types of products and strategies available, get information about as many as you can. Preservation Financial can help you make a decision that’s right for you and your goals.

In addition, some people use insurance strategies for several reasons. For example, certain life insurance products may help with legacy planning. Or, you may decide to use insurance as a vehicle for retirement income. Also, taxes on potential income is different with insurance versus other income strategies. Sometimes, insurance is used as a way to ensure beneficiaries are taken care of financially. Find out more about insurance and retirement.

Wealth Management

Once you have built your nest egg, you may want to protect it. Wealth management is about helping you to know your options. Some clients seek a reasonable rate of return, over time. Others are more focused on potential growth and have high risk tolerance. At Preservation Financial, we have a fiduciary duty to put your interests first. If you’re looking to feel comfortable with your retirement, reach out. Our firm helps you learn about how many factors can change your retirement income, including:

  • Market changes
  • Challenges in the economy
  • Tax rules or regulations
  • Interest rates
  • New financial products
  • Insurance information
  • Health status
  • Marital status
  • Loss of job(s)
  • Real estate markets
  • Debt management
  • Loss of a spouse
  • Disability status
  • And much more…
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Our Approach

When you work with Preservation Financial, we are not just focused on one set of products. Instead, we take the time to understand your needs. In fact, we ask questions. Also, we gather information and give feedback. In our analysis, we will help you learn how changes in your life may impact your income. Retirement may be complex. But, we work hard to help keep it simple. Contact us today to attend a workshop. Or, reach out to meet with us.  Asking yourself, “Will I have enough to retire?”  Then, let’s explore your options.

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