Article originally published by ProtectedIncome.org
“For most people, retirement planning is a multistep process that spans the course of your working years. To have a secure and comfortable retirement, consider taking some incremental steps to maximize your budget and income so you can live the life you want in retirement.
Here are four steps to take to help ensure you’ll have enough money in your golden years:
1. Plan ahead. As you approach retirement, you’ll want to get a clear picture of what your nest egg, income and expenses look like. One way to prep for the future is by diversifying your financial portfolio and strategically allocating your assets across different types of investments — such as stocks, bonds and annuities. Remember that each investment type plays a specific role in a truly diversified retirement portfolio. Having protected lifetime income from an annuity is one cost-effective way to help guarantee income for life and combat risk.
2. Talk with your spouse and/or parents about savings. Talking about money for retirement can be challenging, but it’s important that you have a candid conversation with your loved ones about finances especially before a crisis occurs. Make sure you fully understand things like what funds are available, where they are located, and any penalties associated with early withdrawals. For individuals with partners, discuss how you would like to spend your retirement years, how you’ll cover your essential needs, and the income you’ll need later in life. You’ll also want to consider what you will leave behind and to whom when the time comes. This will help you develop a retirement income plan with the appropriate savings needed to maintain both of your desired lifestyle choices.
3. Decide where you want to retire. Retirement can open the door to a new way of life and is a prime opportunity for adventurous retirees to relocate to a new city. However, before leaping to a different town, state or country, it’s worth exploring the impact the choice could have on your lifestyle, family commitments and overall quality of life. Other considerations to factor in include state taxes, costs of living and the availability and access to healthcare services.
4. Find the right financial professional. There’s a common misperception that financial professionals are only for rich people, when in fact there are great professionals available in your community for every budget and financial situation. Of course, you want to make sure you feel confident in your professional’s competency, objectivity and responsiveness to your needs. Choose someone who will work closely alongside you to help create a retirement income plan that can both grow and protect your money.”
Bob has a passion for making your money work hard for you. He takes profound joy in ironing out a plan for a long and comfortable retirement, no matter what your current income or level of wealth. With a work ethic second to none, he has a zeal for transforming uncertainty into stable ways for you to protect your future and your family. He knows that the quality of your life you enjoy today can remain as rewarding—or even better—after retirement.
With a strong background in information technology, Carol is instrumental in building operational policies and strategies that keep the organization functioning smoothly. Carol’s organizational skills and her flexibility to jump from priority to priority along with her commitment to customer service makes her an essential part of the Grimard Financial team. When Carol is not working with the Grimard Financial Family, she is a very creative and accomplished photographer.