Retirement Income Planning

Retirement can be exciting if you are well prepared or a source of anxiety for those unprepared. With the right retirement planners, this is one of the most significant steps and goals you can set in life. Therefore any part of your lifestyle planning shouldn't overlook the importance of a retirement plan. But what is a retirement plan?

While you can begin financial planning for retirement at any age, it's best practice to begin as soon as you are able. For example, planning for retirement in your 20s can be a great start. However, your age shouldn't discourage you.

Developing a greater understanding of your current situation and the goals of how and when you would like to retire are crucial steps. Working with WV Wealth Management Solutions can help you to create a plan taking your current assets and investments into account. We will help you understand our retirement planning tools and ensure your questions and concerns are heard and addressed. Our retirement plans offer tailored strategies to meet your goals.

Creating retirement income shouldn't be left to chance. It's important to choose a retirement planner that will ensure that your money lasts for the duration of your retirement years. This is where WV Wealth Management Solutions stands out.

Our services are flexible enough to accommodate your desired retirement planning goals. We also offer our clients independence while planning to avoid conflict of interests. Our fiduciary approach has built us a strong reputation and enabled us to develop long-lasting relationships spanning generations. We offer you objective guidance, unbiased support, and advice.

What is retirement planning?

Retirement planning is the financial preparation for your retirement life to help you live and meet your goals, dreams, and other obligations independently.

What is the importance of retirement planning?

Retirement planning helps you have financial independence, security, and safety to peacefully meet and finance your goals and dreams. It also enables you to meet medical bills and other emergencies comfortably.

What are the some main aspects of retirement planning?

Retirement planning involves many significant aspects. Some aspects include social security, personal savings, retirement savings, long-term care planning, and legacy planning.

1. Social Security

This category provides employees with a planned set of deductions going into their retirement benefits. However, this plan may not cover all your daily needs and may run out sooner than you expected. Therefore you need other sources of income to meet your retirement needs.

2. Personal Savings

Personal savings can be built and set aside during your working years in preparation for retirement. Such as, emergency savings accounts, tangible real estate, and life insurance. 

3. Retirement Savings

These plans may include 401(k) plans, IRA accounts, stocks, bonds, and real estate investments. 

4. Long-term Care Planning

Preserving one's wealth and offsetting the rising cost of long-term care. 

Where is the safest place to put your retirement money?

There is no one-size-fits-all set up for savings, especially retirement planning. But with our reliable retirement planners at WV Wealth Management Solutions, we can guide you to some of the safest places. These include,

1. Roth IRA

This account allows you to grow your income and invest it in bonds, stocks, real estate, and other safe avenues. Funds in this plan are also tax-free and withdrawable at any time.

2. Emergency Funds

You can set up an emergency fund to support your expenses for three to six months. However, it's recommended to adjust it regularly to meet growing monthly demands. It is also suitable for funds for your rainy days.

3. Employer Programs

Many employers provide retirement plans like the 401(k) program. The employer, in this case, matches your savings to an agreed limit. The program also comes with some tax write-offs benefits.

How much do I need to save for a comfortable retirement?

There is no specific amount recommended. However, the more you save, the better for your retirement. Also, people have different financial obligations and goals for retirement. That's why you need the guidance of our experts at WV Wealth Management Solutions to help you settle on the designed amount. It's worth noting that the average expenditure of retired individuals is $3,800 monthly, according to the Bureau of Labor and Statistics. So this can be a guiding figure.

Should I consult a professional retirement planner?

The short answer is yes. You should consult a professional retirement planner from our team at WV Wealth Management Solutions. The numerous retirement planning options available can be confusing, and you don't want to put your funds in a plan that is bound to fail.

However, our professionals have the experience and expertise to guide you on the best retirement plan for your needs.

Navigating this process alone is not recommended to avoid unexpected outcomes with your money. Let the experts guide you. For a reliable retirement financial planner and to find out more, contact us today.