Retirement Planning Services

You have worked many years now and the time has come to start planning for your retirement. Regardless of your age, it is never too early or too late to begin planning. Retirement planning services help you set your financial goals and identify the risks you need to be ready for in the future. An experienced retirement financial planner in Orlando, FL can use his or her knowledge and experience to help develop a retirement savings plan perfectly tailored to meet your needs.

When you retire, it’s essential to have your finances in check. On average, the social security check in the year 2022 is $1,200 per month. According to Career Karma the cost of living in Florida is $1,832 per month for each person. This makes social security not enough to live off of month to month. Many factors can influence your ability to reach financial stability by the time you retire. Below is a list of important services to consider when planning your retirement.

 

What are Retirement Planning Services

Retirement companies offer a variety of services that best fits your current financial needs and future goals to achieve. We have financial advisors dedicated to helping you maximize your current financial situation and creating a custom strategy to make the most of your retirement plan.

Income Planning

When you eventually retire, you will no longer be receiving money from your job. During this phase of income planning, discuss with your financial advisor different strategies to enable you to receive income from other sources outside of your current job. You should expect to gain growth potential and flexibility from sources like investments, social security, pensions, and fixed annuities. Those are only a few examples of how you can grow your income.

Tax Planning

If you aren’t careful, retirement is a period of time when you can damage a big part of your savings and income. Our professional advisors can help you determine tax-saving strategies to decrease the amount of taxes you pay. Strategies like:

• Contributing to an employer’s 401k can decrease your income tax.
• Create a tax-free savings bucket with a Roth IRA.
• Delay 401k withdrawals
• Make catch-up contributions. This is usually applicable if you’re starting your retirement plan a bit later in life.

Investment Management

Developing your financial plan can l implement goals into your financial story, determine how much time you have, and discover how comfortable you are with risk. Once you understand these things, you can begin working towards reaching each goal. You’ll begin by setting aside money that you’ll need in the future that can then grow. Essentially, you’ll be investing in your future self. With your financial plan road map set up, you can be better off when it comes time to make tactful investing decisions.

Risk Management

Oxford Advisory Group will discuss with you ways to balance the risks that come with retirement planning. What are some of these risks?

• A complete audit of insurance policies through a third-party agency. We use a third party that we’ve closely examined and investigated to determine their trustworthiness. Once trust is established, the third party can help us determine how much risk you have with your investments, like liabilities, auto, and home. Risk is any uncertainty about your investments that has the potential to impact your financial welfare negatively.
• Analysis of long-term care. Long-term care is a service designed to meet a person’s health and personal care needs over a long period of time. Everyone gets old, and with age, it gets harder to perform typical day-to-day activities, so planning for your long-term care is important.
• Life insurance benefits. Income replacement for years of lost salary, paying off your home mortgage and debt.
• Medicare needs. When a person turns 65 years old, they qualify for medicare which is federal health insurance.

Legacy Planning

Legacy planning is the ability to transfer your assets to loved ones or next of kin after death. Why is this important? Without a plan, your assets and belongings aren’t directed toward anyone; when this happens, the distribution of your assets can get messy. It can become a massive burden on your loved ones to try and determine who should inherit your assets. It can be time-consuming and could wear down your family members. Also, some of your assets can get passed to members you don’t get along with. It’s important to get your legacy planning in order so you can plan where your assets will go and make the whole process as smooth as possible.

 

Why should I plan for retirement?

Let’s talk about a bone-chilling truth about retirement. If you don’t start creating a retirement plan now, and you don’t save enough money to retire, then what’s going to happen? You’ll realize that social security paychecks can cover part of your mortgage or most of your rent. But what about the rest of your needs? You need food, clothes, and gas money, and you might want to maintain the luxurious lifestyle you’ve come to establish while working at your past job. Well, where are the rest of those funds going to come from? Nowhere. You’ll have to end your retirement early and rejoin the workforce because you realize you have no other source of income and can’t afford to live off of social security alone. As we previously mentioned above, investment management is important because it allows you to have a better piece of mind when it comes to planning for the future. It may cost you a little more money now, but it can save you thousands in the long run. Planning for retirement is investing in your future self.

 

Benefits of Retirement Planning Services

The benefits of retirement planning services come in a variety of ways, like a peace of mind. Knowing you invest in yourself can allow you to feel freer in the present and live more spontaneously. It can also help prepare you for unexpected events and establish a strong legacy for yourself and your family. Retirement planning can take that burden off your shoulders when it comes to worrying about your finances and your future financial needs.

 

When should I start planning for retirement?

The sooner, the better. Once you start receiving paychecks is considered one of the best times to start investing in a retirement plan. The sooner you start, the more money you tend to accumulate, and the more time your money has to grow. Start now, and meet with one of our financial specialists to begin investing in your future.

 

Certified Retirement Planner in Florida & South Carolina

Meet with Oxford Advisory Group today! We’ll help you discover what you want out of your retirement. We’ll evaluate your situation and determine your retirement needs and create a roadmap for you to achieve your unique financial goals.