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Living In Retirement

Financial Planning for Retirement | Preparing for Living in Retirement

When the time to retire finally comes, you may feel relieved or concerned – if you spent your whole life saving and preparing for retirement, it’s time to relax and watch your years of planning unfold. If that’s not the case, retirement may be slightly stressful as you decide how to make your funds last – with the help of Maier & Associates, we can help reduce this stress.

For a financially successful retirement, it is essential to know your retirement plan and benefits you are eligible to receive. There are a number of considerations including when you should start/begin your pension or Social Security benefits. You’ll also want to consider if you should delay benefits to a later date and utilize your savings first for tax purposes and to build an enhanced fixed income payout. Further, we believe retirees need to know the amount of fixed income from pension and Social Security they will receive at retirement and when. Then compare that number to the actual retirement income need. In doing so, you should have insight to the amount of dollars you need to have saved. We believe not until this comparison is made should you make a decision on when to retire.

Maier & Associates Planning provides long-term strategic financial planning for retirees. We can help you learn what your retirement and investment options are, and help create a plan to help make your wealth last – long before the time to retire actually arrives.

Use our retirement savings calculator to figure out your savings! 

What’s Next? | Living in Retirement

When you carefully manage your assets, your savings are more likely to last you the duration of your retirement. Don’t assume that you will be able to live on your investment portfolio and retirement account earnings for the rest of your life – you will probably have to start drawing on the principal at some point.

We know that it can be exciting to finally be retired, and tempting to spend too much too soon – especially at the beginning of your retirement. That is why it is so important to remember that if you reduce your principal too rapidly, you may not be able to earn enough on the existing principal to carry you through the later years. A good guideline is to make sure your annual withdrawal rate isn’t greater than 4% to 6% of your portfolio – however, this percentage can vary from person to person depending on the length of your payout period and your portfolio’s asset allocation.

By planning ahead, investing wisely, and spending thoughtfully, you increase the likelihood that your retirement will be a financially secure one. Maier & Associates Planning offers guidance through the various stages of retirement.