Basic Strategies for Retirement

Basic Strategies for Retirement

Are you ready for retirement? Do you have a plan in place? Have you made any investments that are relatively certain to fund you in your advanced years? When it comes to investment strategies for retirement, most people could use a little assistance – particularly when you consider the current unstable state of the stock market and the questionable possibility for other moneymaking opportunities.

Protect Your Retirement Savings from Stock Market Volatility

Many countries across the globe are grappling with the global pandemic: COVID-19 (Coronavirus Disease 2019). As a result, international economic activities have been disrupted and stock markets are extremely volatile. While staying healthy and safe via social distancing are the uppermost in everyone’s mind, one should not overlook the long-term effects that this virus may have on their own financial lives. Take the time you have at home to identify the most ideal retirement income generators (RIGs) that can generate income that lasts the rest of your life. In addition, these RIGs must be able to withstand inevitable stock market crashes if you are planning on living a few more decades.

Retirement Income in a Steady Stream

At some point in your life, you’re going to make the move from saving and prime earning years to the time you’ve waited for – the years during which you can reap the fruits of your labor. Hopefully, you’ve built up a considerable nest egg from which you can draw. Before you enter that phase of decumulation, however, some prime retirement investments need to be considered and made. Making the right decisions ensure that you have a steady income stream after retirement.

To provide a steady stream of income, the following are suggested retirement investments:

  • Total Return Portfolio
  • Dividend income funds
  • Closed end funds
  • With a lifetime income rider, variable annuity
  • REITs (real estate investment trusts)
  • Rental real estate
  • Retirement income funds
  • Bonds
  • Immediate annuities

What You Should Know

Whether you’re getting ready to step into your golden years as a formerly seasoned professional, or if you are newly embarking upon a fresh career path as a twentysomething individual, the top strategies for retirement planning are something you should be aware of. It’s never too early to start planning for retirement, particularly considering the state of the economy and today’s life expectancies. We’re going to take a look at essential moves that can be made with your money before retirement, hopefully introducing you to some you may not have considered.

You should be aware of the following retirement strategies:

  • Hedge against inflation
  • Delay Social Security benefits
  • Don’t exit stocks too early
  • Take full advantage of Saver’s Credit
  • Roth conversions
  • Watch out for retirement fund fees
  • Open an HSA (health savings account)
  • Be mindful of asset allocation and risk tolerance
  • Open a Roth IRA
  • Make maximum contributions to a 401(k)

Additionally, make sure that there is a suitable withdrawal strategy in place when developing your retirement plan.Do You Need a Financial Advisor?

Whether you’re planning for retirement or simply thinking you could use a little bit of advice where finances are concerned, consulting with a financial advisor is never a bad idea. The following are reasons why you might choose to get together with a financial advisor:

  • You’d like to build up a comfortable level of wealth.
  • You are worried about taxes.
  • You are entering into a divorce.
  • You’re unhappy with your current financial advisor.
  • You’re facing a substantial inheritance.
  • You have a child or children.
  • You handle all your own investments.
  • You are soon looking at retirement.

Trust Taylor Financial Group LLC For Your Retirement

No matter if you will be retiring sooner or later, it’s wise to have a plan, particularly where investments are concerned. The knowledgeable, experienced professionals at Taylor Financial Group LLC are here for you. We can help devise a unique retirement plan that suits your needs and circumstances. We understand that every individual is different, and no general retirement plan should ever be considered a one-size-fits-all solution.

If you’d like to discuss any kind of planning for retirement, taxes, insurance planning, or some other financial strategy, contact us today to schedule a 20 minute complimentary phone consultation

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