10 Tips for Retirement Planning – WFG

10 Tips for Retirement Planning

Susan Mesrobyan & Steve Watkins

Virtuity / WFG

People are living longer than ever, and more people are worried about outliving their retirement income. Using a Kiplinger Magazine report, and questions from Morningstar, here are 10 tips you might want to consider to make sure that there’s “gold” in your “golden years.”

10. Don’t choose a retirement date based solely on your age.

Instead, plan based on the factors important to you.

9. Don’t stick all your money in stocks.

Diversify for greater safety.

8. Keep track of all your retirement accounts and potential sources of money during retirement.

Have a central file for your accounts and possible income sources—and give a copy to a trusted advisor.

7. Don’t be unrealistic about rates of return.

Better to assume lower rates of return and be pleasantly surprised.

6. Do you expect other sources of income during retirement, such as a pension?

If you have a pension, make sure you take the steps to secure it.

5. Does longevity run in your family?

If so, you may need more retirement money.

4. Are you expecting to need a fairly high level of income in retirement?

Health and lifestyle affect this. Plan accordingly.

3. Have you already managed to save a sizeable amount for retirement?

Most people haven’t. This is where consulting with a seasoned financial professional can give you great peace of mind and a sense of confidence in your path going forward.

2. Do you want to leave a financial legacy for family or charity?

There are many plans and programs that a financial professional can help you with.

1. If you’re still working, is your career stable, with little likelihood of income disruption?

If it is, great. If not, your increased savings can help you during your retirement years.

Remember: keep your eye on the prize. Plan ahead; expect the unexpected; and assume that your situation might be worse than it is. If your assumption is right, then you’ll be prepared. If you planned too conservatively, then you’ll have more money than you needed—and that’s a great problem to have.

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