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In retirement income planning, focus on the long run. Research studies project 25% of 65-year-olds today will live past age 90, and 10% past age 95. An effective strategy anticipates income needs for decades.
Did you know that with certain claiming strategies, you can receive up to 32% more money for life? Discover ways to get the most out of your benefits with our Social Security planning knowledge and expertise.
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After many working years, most people would probably see retirement as a positive thing. Yet while it’s true for many Americans, a recent survey by Nationwide shows greater-than-expected retirement dissatisfaction. Nearly 3 in 10 recent retirees (28%) said that their lives are in worse in retirement than before. Moreover, just 2 in 10 future retirees expect that life will be better in retirement.
What was the reason for the retirement humbug? Financial issues, mostly. Among the 28% of unhappy retirees, 78% pointed to income as a reason while 76% blamed the cost of living.
The Nationwide Retirement Institute also noted other findings that are instructive for income and retirement planning. Let’s dive into some more of those takeaways now.
When you near retirement it’s an important life transition. For one, this period brings changes to money matters. Now is time to examine portfolio assets and consider how you will use them for income to sustain your retirement lifestyle. A good retirement planning company can help you plan for this transition.
However, investors have many options of financial firms in today’s industry. Different firms can vary in the unique expertise to the table. Some companies specialize in investment management and others in financial planning, for example.
While similar in some ways to financial planning and investment management, retirement planning is different. It concerns advice on the distribution of money and how people will use the money for income needs.
There is also the question of business organization. Some firms are just one of many broker offices for huge financial companies, while other firms are small, local businesses. Whether they have a captive or an independent status may influence the kinds and selections of the retirement products they can offer you.
So, all of this adds up to many retirement planning options for investors. How do you choose the right partner for you? Let's take a look at some questions to answer.
"Dominion Retirement Income Planning distinguishes themselves in their dedication to consumer education, impressive experience in the financial industry, wide-varying knowledge, and commitment to helping their clients achieve their retirement financial and income goals. I recommend them as a source to turn to for expert, personal guidance with your income planning objectives."Brent Meyer Jr., Founder of SafeMoney.com