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Ten thousand Americans will turn 60 every day for the next twenty years; the Baby Boom generation will now be deeply involved in retirement for decades to come.  Fortunately, SeniorSmart can guide you and your loved ones through financing retirement.

Retirement planning is the process of figuring out how much money you’ll need to save for retirement and then putting a plan in place to get there. But it also involves making the necessary adjustments once retired so that you and your family can enjoy the lifestyle you desire.

Retirement Finance Guide

Not everyone can afford to have a financial advisor. Yet that shouldn’t stop individuals from getting the retirement finance information they need to make positive decisions for themselves and their families. SeniorSmart makes it a point to provide everyone with free access to materials describing your benefits and options. 

We help you get the facts you need to evaluate your financial situation. By doing so, you can identify and determine what your retirement goals are and create an anticipatory budget to refer to as you explore what kind of retirement lifestyle is best for you.

The earliest you can start claiming Social Security benefits is age 62. Filing early does reduce your benefits. For most individuals looking to retire, the full retirement age will be 67. But, if you can delay claiming Social Security, your benefits will increase. It’s important to weigh your options and devise a plan of action. 

Personal Finance Retirement Planning

While it’s never too early to plan for retirement, it is also never too late. There are numerous federal benefits due to older adults from their years of paying into the system through their work careers. Yet, even with these benefits, individuals may need to do some personal finance retirement planning so they have the funds needed to maintain the lifestyle desired in retirement. Some simple questions to ask include: 

  • What do you want to do in retirement?
  • When do you want to retire and when would be the optimal time to do so?
  • How much will you need to have saved?
  • How much can you invest now to achieve your retirement goals?
  • Are your current medical and healthcare expenses covered and how will they change?

To augment the federal benefits individuals will have access to in retirement, many will have a variety of investments to pull from. For example, a 401K is a retirement plan provided by many companies. When you retire, your 401K can contribute to your retirement income. Similarly, if you have invested in IRAs or Roth IRAs, you’ll have investments you can turn to for supplementing your retirement income. Aside from these financial products, some retirees still have pension plans they can take advantage of. Do your due diligence and discover if a company you’ve worked for in the past still has a pension available for you to claim. It never hurts to check.

Find the Resources You Need Through SeniorSmart

Retirement finance can be daunting. With the right support, you or your loved ones can find the answers necessary to meet needs and achieve desired goals. Here at SeniorSmart, we’ve dedicated ourselves to making it easier to access the information, resources, and benefits you are due in retirement. For example, we provide information and advice on the following:

So reach out to us at 205.460.1124 to learn more about our services and how we can design customized advice for your specific needs.