We have identified five phases of retirement, which we call AGILE. There are unique planning opportunities and pitfalls to address during each phase. Our retirement guides provide five critical issues you need to know now, no matter where you are in your retirement journey.
Find part-time work after retirement. Another way to make retirement more of a gradual transition is to incrementally reduce the hours you work in your existing job, switch to a part-time job, or work for yourself in some capacity. As well as providing purpose, part-time employment can also supplement your income, keep you socially engaged, and ease the adjustment to retirement without you having to endure the demands of full-time work.
Your Guide to a Worry-Free Retirement
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Dealing with a major life change like retirement can take a toll on your physical and mental health, weakening your immune system and negatively impacting your mood. In addition to managing stress, finding new purpose, and staying socially and physically active, there are plenty of other ways to keep your body and mind healthy at this time.
Named1 one of the Top 10 TPAs in the country, TPA, Inc. is located in southern New Hampshire and serves businesses throughout New England and across the US. Thanks to ever advancing technology, we can keep your data safe, provide expert plan design and administration solutions to your retirement plan, no matter where your business is located
Each business that works with us is assigned a dedicated Plan Administrator as its key contact. Your TPA, Inc. contact will lead a team and answer all questions you might have. Your team will strive to not only be an approachable resource but also to proactively guide your plan to meet deadlines and also stay on the right side of compliance.
Are you planning to retire soon? Start planning for your retirement early to enjoy a comfortable and stress-free retirement life. There are many aspects of your retirement that you have to actively plan for, such as your finances, lifestyle, housing, and more. Taking these factors into consideration early on can significantly reduce the number of problems that you have to worry about once you actually retire. Read on to learn how to set realistic goals and prepare for retirement.
Depending on the retirement lifestyle that you want to pursue, your estimated retirement expenses may be higher or lower than your current income. Certain expenses such as the costs of commuting will decrease, whereas the costs of healthcare may increase. While there are programs like Medicare that take care of most of your routine healthcare costs, you may need to think about supplementing the coverage for non-routine medical costs. Older adults who want to travel regularly or pursue expensive hobbies will also see higher retirement expenses. Being clear about your projected retirement expenses is important because it allows you to determine if you can afford your dream retirement lifestyle with your current savings, and you can then adjust your retirement plans accordingly.
Apart from knowing how much your dream retirement lifestyle costs, you should also estimate what your retirement income may be. Your retirement fund will likely comprise your current earnings, savings, investment accounts, and any income you earn after retirement. Try to diversify the sources of your retirement fund so that it will not be badly affected by any unpredictable incidents such as being fired from your job. Compare your retirement fund to your projected retirement expenses to see if you will have enough money to tide you through retirement. You may have to work longer to boost your income or change your retirement plans if necessary.
Once you retire, you are no longer restricted by work to live in a certain area. Housing may not be a priority after retirement, and many older adults choose to downsize to a smaller home because it is more cost-effective. Where you decide to retire can have a huge impact on your finances, and downsizing can help save money that you can spend on other priorities like healthcare. Senior living communities are also a good option because you only have to pay rent and you do not need to pay maintenance fees or utility bills. There are also many amenities available at senior living communities that cannot be found elsewhere.
We can, and do consult with Plan Sponsors, Advisors and CPAs on plan design and compliance. Our goal is to go beyond merely ticking the boxes of being a TPA. Instead, the DPS team strives to be a resource partner to each business, that proactively guides your retirement plan to meet goals and stay on the right side of compliance.
Social Security was never intended to be the sole source of income for retirees. In fact, the system is designed to replace only about 30 to 40 percent of your preretirement income. For most people, it's absolutely essential that they have other income (e.g., a pension plan, investment income, a part-time job, etc.) in addition to Social Security to live safely and comfortably in retirement.
Hopefully the following points will help you develop your own personal roadmap, and in turn be on your way to an enjoyable and profitable retirement. Be diligent in planning now, and your golden years will be sweet.
Also remember that when you hit your 70s and beyond, you will likely be spending more on healthcare, which can have a substantial impact on your retirement savings. Be sure to factor in a cushion of funds that will cover such expenses.
You can carry this rule out by annually withdrawing 4% of the value of all your investments that are designated for retirement funds. In order to reflect the impact of inflation, however, you would increase the dollar amount of your first withdrawal in the following years.
Turning your retirement assets into sustainable income is a lengthy and complicated process. But the rewards for your diligence are plentiful. A financial expert can guide you through the process. He or she will help you develop your own personal roadmap to sustain you for the years ahead.
I don't let important matters fall through the cracks. This is an in-depth look at the key retirement decisions to achieve financial and non-financial success. You will have the foundation to make the most of your retirement years, and I hope you'll be able to do something great!
Naturally, this is an essential question for those approaching this important life transition. Essentially, if you wish to retire one day, you are increasingly responsible for figuring out how to save during your working years and convert your savings into sustainable income for an ever-lengthening number of retirement years.
Wondering how to achieve financial security? Want to be able to quit your day job, or buy that second home? In this guide I break down the 7-steps for building the life of your dreams...regardless of what stage of life you are in!Download
During your working years, you are accustomed to a paycheck, that paycheck stops when you retire. While you are employed, your money is replenished every pay period. For example, if you get paid every two weeks, you can spend your entire paycheck and it will replenish itself two weeks later. This is not always true in retirement unless you have an income plan that provides you with recurring income throughout your retirement.
When the money you need to live on, and accomplish all your retirement goals, arrives in your mailbox or bank account on a regular basis, it provides peace of mind. When your retirement income is set up properly, you can be confident your living expenses will be taken care of and you will have the money necessary to accomplish the things that you want to accomplish.
There are a host of expenses you need to prepare for in retirement to ensure you have enough income. Those include taxes, healthcare (including long-term care), and market fluctuations. All of these can greatly affect your income in retirement. That is why you need to prepare.
At Financial & Tax Architects can help you create security in retirement by creating a plan that includes a regular source of income. We can help you plan for, or even eliminate, many of the expenses you face in retirement. At Financial & Tax Architects, our goal is to provide our clients with a worry-free retirement. We have experienced advisors ready to build a customized retirement plan, including a recurring source of your income in retirement. Contact us today to schedule a discovery call and find out how we can help you.
It also assumes that you need an annual income in retirement equivalent to 55% to 80% of your pre-retirement income to live comfortably. Depending on your spending habits and medical expenses, more or less may be necessary. But 55% to 80% is a good estimate for many people.
Not everyone is able to start saving at age 25, or consistently save 15% of their salary for retirement. If you start later in life, or save a bit less, you may have to work longer, cut more expenses, or contribute more of your money to retirement to make up for less time and compounding.
Solar panels fit the bill and can help you prepare for a comfortable, stress-free retirement. Home solar installation is a low-risk, high-reward investment that can reduce your living expenses and even help you earn money during your retirement.
If you want to hear more about what is in the Retirement Survival Guide, check out a recent STA Money Hour where Scott Bishop walked though how to use this tool to help guide you through retirement planning decisions.
A life of nonstop stress at work adds up; soldiering on through your retirement years can take a serious toll on your physical and emotional health. For the sake of your own health, know when to call it quits, and enjoy some well-deserved rest.
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