If you’ve been saving for your retirement since you started working—taking a percentage of each paycheck and putting it into an IRA, perhaps also maxing out your employer-match 401(k) benefits—then the odds are you have a pretty solid retirement plan.
But is it a complete one?
Believe it or not, there are a few elements you may still be lacking. If that’s the case, it’s vital that you meet with a financial planner to discuss these things sooner rather than later. You can always contact the Stonepath Wealth Management team for assistance and advisement.
What’s Missing from Your Retirement Plan?
Some of the components you might lack include:
A defined withdrawal plan. When will you start pulling from your IRA? When will you get your first Social Security payment? There are major financial implications to the timing of these things, so it’s important to think through the pros and cons and to have a plan you’re committed to.
A budget. Even after you’ve retired, you’ll still have expenses, and your funds won’t be limitless, which makes it important to have a budget in place—or at the very least, a good sense of how much you can afford to withdraw each month and how much you really need to live on.
Insurance. Retirement planning is ultimately about protecting your family’s future—which means more than just retirement savings. It also means insurance—long-term care, life, disability, and so on. It’s always a smart idea to speak with a financial planner about the insurance products you might benefit from—the ones that might effectively safeguard all your financial plans.
Estate planning. As you think about your retirement, it’s only natural to also think about your legacy. Your retirement plan may include some assets you hope to leave behind to your spouse, children, or grandchildren. If so, you’ll want to have a formal estate plan in place.
A second opinion. More than anything else, you’ll want to ensure that your retirement plans get a thorough review from someone other than yourself and your spouse—preferably a certified planner who can confirm that you’re on the right track, and suggest revisions where needed.
Get your second look today. Contact a member of the Stonepath Wealth Management team to ensure your retirement plan has everything it needs!