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Planning for Your Retirement: A Financial Outlook

Planning for Your Retirement: A Financial Outlook

Article Date September 15, 2017

You’ve made it! You are just months from retiring. It’s a time of excitement and elation, and maybe even a party or a well-deserved vacation. You’ve taken all the steps to get here, but have you taken the time to really think about your on-going financial needs post-retirement?

While many Baby Boomers aren’t sure they’ll ever retire, the financial advisors at Synergy Group, are offering some tips on you how you too can plan for a comfortable retirement.

Estate Planning

Many think of an estate as a large piece of land with a big house on it. While this is true for a few people, the term estate planning is a very broad term that sums up how anyone, in death, will divvy up any property, money or investments they own. It’s not a subject most people like to broach nor fully understand, thus why it’s a good idea to talk to a financial planner so you can ensure your family members aren’t left in a state of financial confusion, or worse an argument. There are things you own, like your home which is deemed as a Probate Estate, that will need court intervention if you’re transferring to a family member. Other items like a Non-Probate Estate, such as a life insurance policy, may be transferred directly to the beneficiary without legal process. Furthermore, there are other categories including Gross Estates and Community Property Law you’ll need to account for. If you have any family members you intend on passing things down to, consider starting to plan your estate ASAP.

Determine where post-retirement income will come from

As you are thinking about retiring, you should consider what income streams you will depend on once you’re bi-weekly paychecks stop auto-crediting your bank account. Besides your 401K, aging American’s will be able to supplement some of their income from the benefits of the Social Security Administration, but this amount may change if you decide to delay these benefits or if you live in a two-earner household. Maybe you plan on considering a part-time job to bide your time and earn extra income. Consider these things and others like, annuities, pensions, or rental properties and add them to your savings and you’ll have a good idea where you’ll stand in the future.

Adopt smart spending habits

If you can pay off your mortgage and any other debt, you’ll have more money to live off of - providing you spend your post-retirement money wisely. If you’re retiring in your 60’s, per the CDC you are likely to live another 20 years. Some financial advisors would include that you could end up spending about 80% of what income you’ve set aside for retirement. With all of this to consider, even if you don’t have debt, you should be savvy with your spending. Enjoy life, but don’t overdo it in the first five years! If you do have debt to pay off, be sure to consider how you’ll continue to pay it down once your paycheck is a thing of the past.

When it comes to your retirement, depend on the financial advisors at Synergy Group for all your financial planning needs. If you live in the Pittsburgh area and you’re in the market for someone to assist in helping you make the best decisions for you and your family, call Synergy Group at 412-673-7760 and schedule a free-consultation with one of our retirement advisors today!




Investment advisory services offered through Global Financial Private Capital, LLC. This material is for informational purposes only. It is not intended to provide tax, accounting or legal advice or to serve as the basis for any financial decisions. Individuals are advised to consult with their own accountant and/or attorney regarding all tax, accounting and legal matters.

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