Your Retirement is Not a Road Trip Vacation
We’ve all been on the proverbial road trip heading somewhere you’ve never been and all of a sudden, you’re faced with a fork in the road. Quickly, we size up the situation and try to determine the best route possible. Which route will meet my goals? The one that’s faster, the one with more scenery, the one with more restaurant choices? Sometimes it is a daunting decision, especially when you get ‘help’ from all the passengers!
Now, extrapolate that out to your life journey and planning for retirement. Instead of one fork in the road, there are many, each one having a host of decisions that need to be made. Most of these are irreversible, meaning you can’t go back and take the scenic route. Some examples include:
- When should I take Social Security? At 62, FRA, or 70? How do I coordinate those benefits with my wife?
- Which pension distribution method should I take?
- Will standard Medicare serve my needs or should I buy the gap insurance? How does that compare to Medicare Advantage plans?
- What’s the best strategy for RMD withdrawals?
- What are the tax implications of taking my executive compensation stock options?
- Can I afford to buy that small business that I’ve always wanted?
The list could go on forever, only limited by your imagination of the options available. So how do you get your arms around these options to analyze and determine which is the best to meet your overall goals?
You are beyond the education stage. Everyone you talk to gives you the standard answers such as, “Delaying Social Security will add dollars to your lifetime earnings” or “Medicare Advantage is better than Medicare.” You’re frustrated because you already know these standard answers! What does it all mean for your specific situation?
If this is you, then you probably want to see the analysis to help you make the best decision possible. Well, there is help. With a Financial Planner’s expertise in financial modeling and the latest in powerful financial planning software, you can review various retirement scenarios in easy-to-read charts and tables. Your planner can help you determine the best retirement strategy to meet your goals.
The Power of Financial Planning Software
Actions You Can Take
The first thing is review and understand your pension options, if you have a pension. Understand the basics of the various Social Security claiming strategies, know your 401(k) and IRA balances, and determine a retirement budget that you can live comfortably on. Make your goals as specific as you can.
It is also important to set goals in all areas of your retirement life, not just your finances. For example, do you want to relocate to another part of the state or country or pursue an advanced degree? Those need to be factored into your retirement financial considerations.
Take all of this information to a Financial Planner that you trust, one whose income is not based on selling you the next “great product.” Look for an analyst that makes his or her living from showing you the potential financial ramifications of your decisions. Financial planning software is an important part of the process and will help the financial planner and you, understand the financial impacts of your financial decisions.
If you don’t have a trusted Financial Planner, you can begin right now. Gather your records and fill out our questionnaire to get started!
About Kastler Financial Planning
Our core purpose is to improve the financial life for each and every client we serve. We believe that people of all income levels should have access to affordable and professional financial planning and investment management services, without the pressure or bias of product sales and commissions. Always acting as a fiduciary, the only fee we receive is the fee paid by the client. We put your best interest before our own. No product sales, no commissions, and no account minimums.
We specialize in family planning, families with Special Needs Planning, Retirement Planning, Retirement Tax Planning, and Small Business Retirement Plan Consulting. Our services are analytical and will be appreciated by the engineering and technical-minded individuals. We also use “bubble up” reports for the not-so-technically minded.
Our services can be performed either as hourly, a one-time fee-only project, or as On-Going Financial Planning, depending on your needs. Compare our fee-only services. Our suite of services also include Investment Management Services with the options of % AUM or flat-fee portfolio management.
We aim for a pleasant client experience whether you are in our office or remote across the country through computer screen sharing technology. Visit our Client Portal to learn how to get started with a complimentary ‘Get Acquainted’ meeting.
If you have any question on how our services may apply to you, please contact me at the number below or submit an email through our Contact Us form.
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Kastler Financial Planning | Ortonville, MI 48462