Retirement Planning
Retirement planning involves setting financial goals and establishing a strategy intended to help support a comfortable retirement.
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Retirement Planning
Retirement planning is an ongoing process, and clients can begin at any stage to help improve their long-term financial preparedness. Beginning early may provide more time for compounding and investment opportunities, which can help support long-term retirement goals. Investment results are not guaranteed.
Assessment of Current Financial Situation
At Virtue Asset Management we start by evaluating your current financial standing. Take stock of your income, expenses, assets, liabilities, and investments. Understanding your financial starting point can provide a useful baseline for planning.
Define Retirement Goals
Determine your retirement lifestyle and financial goals. Consider factors like when you want to retire, the type of lifestyle you envision, and any specific aspirations you have for your retirement years. Clear goals can help guide savings and investment strategies, though outcomes depend on individual circumstances and market conditions.
Estimate Retirement Expenses
Project your future expenses in retirement. This should include basic living expenses, healthcare costs, travel, hobbies, and any other activities you plan to pursue. Remember to account for inflation, as expenses tend to rise over time.
Calculate Retirement Income
Assess all potential sources of retirement income, such as Social Security benefits, pensions, rental income, annuities, and investment income. Evaluating potential retirement income sources can help identify areas where additional savings or planning may be needed.
Investment Strategy
Develop an investment strategy that reflects your risk tolerance, time horizon, and retirement goals. Diversifying across different asset classes may help manage risk and improve the consistency of returns; however, diversification does not guarantee profits or eliminate the risk of loss.
Review and Adjust
Periodically review your retirement plan and make adjustments as needed. Because life circumstances, markets, and goals can change, reviewing and adjusting your plan periodically may help keep it aligned with your objectives.
Create an Estate Plan
Develop an estate plan that may include a will, trusts, powers of attorney, and beneficiary designations to help support the efficient distribution of your assets in accordance with your wishes. Tax outcomes depend on individual circumstances and applicable law.