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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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Like everything else we do, saving for retirement involves risk analysis. We might not think about getting in the car to go to the grocery store, or even booking our dream vacation to hike the Inca Trail in Peru, as particularly risky decisions. But there are still elements of risk involved in every choice we make.
Your risk tolerance will help to you maximize and protect your retirement savings when you make sound choices. As you save and near retirement, your risk tolerance should change, adapting to your financial and income needs. In order to manage your retirement planning effectively, you need to understand your risk tolerance, grasp your financial needs in retirement, and make effective decisions about your savings and asset allocation.
Overall, you should be ready for a “smooth” financial transition into retirement – when you stop earning a full-time salary or business income, and start drawing on the savings you accumulated over many years. Working with a financial professional will help you meet your retirement income and financial goals, like the independent financial professionals at SafeMoney.com.
Let’s go into more detail about risk tolerance and why it’s so important.
American markets have been enjoying a recent stock market rally, with some markets posting double-digit increases. It is the nature of the markets to rise and fall. So if you are approaching retirement, this might be the time to begin to lock in your stock market gains. If you're wondering why, think about it. Many Americans will be relying on their portfolio money for retirement income once they leave the workplace. It may be to pay for spending quality time on the green, sailing, horseback riding, getting away on vacation, or whatever their preferred retirement activities may be.
Older Americans tend to have less invested in stocks because they move their savings out of higher risk vehicles in their pre-retirement years. This is typically to protect their retirement nest egg, since they tend to have less time for recovery. Unfortunately, many Americans are still reeling from losses from the 2008 financial crisis. They are looking at a delayed retirement.
You can take steps to protect the financial gains your portfolio has enjoyed and start preserving your wealth for your retirement lifetime. This may call for a shift in financial focus -- a start to evaluating safer retirement vehicles which have a lower risk profile than equities, like annuities and life insurance. It is a good idea to review your portfolio at least once a year, to review to make sure that your portfolio is meeting your goals, objectives, and expectations. As you approach retirement, you may want to begin to transfer your portfolio to a more risk-adverse position and realize any financial growth you've achieved before the markets make their natural corrections.
"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