Do you have a plan for retirement? Whats your Plan?

retirement seems a long way off to some of us its only about 20 years away, hopefully?!?! So whats the #1 question I get as a financial advisor? When clients sit down with me the most popular question I get is, "Will I have enough money when I get to my retirement?" This question hasn't struck some of us as were too preoccupied with life, but for the ones who plan they are ahead of the pack when it comes to planning for retirement.

Here are 5 guides that you should consider when planning for your retirement:

1. Know and realize your guaranteed income.

Be aware of the income that you can trust on and where the sources will be coming from. Explore all areas such as pensions, a beneficiary of a trust, social security, etc.

2. Create an income plan for your retirement

Where ever you are at your point in life it is never to early to get started in this area. Actually the earlier the better, the best way to do this is to devise a retirement plan that fully explores your needs and wants in detail so that you don't wind up short on your retirement dreams and goals. The plan should be broken down to show you how much you will receive per month, and per year. It should include your guaranteed income to justify the lifestyle you envision. If you haven't taken the time to produce a retirement plan or get a retirement plan put together for you and your family you will be approaching your retirement blindly and trust me lots of my clients who are at this area in their lives find themselves surprised.

3. Incomes are tax differently

All sources of money are tax differently, it depends on what types of income they are for example social security, distributions are taken from retirement plans, dividends, and capital gains are all taxed respectively. To make sense of all these types of income mediums it is important to sit down with a professional who can help explain these tax laws.

4. Put your income assets to work

These types of assets are derived from stock dividends, real estate equities, rental fees, and interests. Do not forget to add these to your retirement plan. When you find your self in this area of your life be conscious and make adjustments to your investments move into money markets and start moving conservative at this point in your life. A nother words a strategy that is crucial at this moment in life would be to invest for income instead of growth.

5. Inflation should be part of your plan####

Most people feel they don't need any professional help as they feel they got everything figured out, but there is more to it than just the elements you control or possess. If you're about 30-40 years away from retirement you better be sure you need to keep working on growing your income as much as possible in order to keep up with inflation. When it comes to your retirement most people I sit down with do not factor inflation when they are planning their future.

As a financial advisor I software in place that takes all these factors into mind as I help put together financial plans for individuals and their families. Make sure you find a professional you can confide in to help secure your retirement concerns so that you can enjoy your family knowing this part of your families future is financially sound. Sitting down with a financial advisor can help eliminate that common question I hear when talking to my clients, "Will I run out of money during my retirement?"

Rene Gonzales
Financial Advisor
License Number: 2265292
C. 512-568-7203
E. rene.gonzales@primerica.com
Rene Gonzales