Retirement is just around the corner. You are imagining yourself sitting in the beach lounger, watching the waves roll up on the sand. Perhaps you are thinking about buying an RV with the spouse to hit the open road. Whatever you’re retirement plans may be, you’ll need the income to pay for daily expenses as well as those luxuries that you want to enjoy.
Yet, where do you start?
Every person has different retirement goals and income. Getting involved in a free pre-retirement workshop or retirement financial planning seminar from Fortified Retirement can help you figure out the best route to take based on your particular finances and lifestyle. Here are several ideas you may want to consider to protect and grow your own income.
Growing Your Income
Lower Taxable Income
Taxes can eat into your retirement savings. One way to grow your income is to lower what is taxable each year by seeking out tax-deferred options such as annuities. Fixed annuities come with fixed interest rates and guaranteed rates of return without any market risk to the principal investment. The money is only taxed as income when it comes time to withdraw the funds from the account.
Also, certain 401k retirement strategies will allow you to place the right amount of contributions into your IRA. Then you can lower your taxable income when hitting 50 years of age and older. You can also seek out additional IRS tax credits that will be a boon to you.
If you don’t need the extra income annually, tax-deferred options can lower your current tax bracket. So you can have your money later on when you need it without the upfront tax burden.
Consider Long-Term Investments
The number of savings and investment opportunities is numerous. Attending a retirement income planning workshop can provide you with all the options about the types that are available and how to get involved with them. Some you may consider include:
- Fixed Annuities
- Exchange-Traded Funds (ETFs)
- Municipal Bonds
Protecting Your Income
Diversifying Your Portfolio
When investing in stocks and bonds, the safest approach to protecting your income is to diversify. A sound retirement income planning seminar often talks about placing your money into multiple investment vehicles such as bonds, ETFs, REITs, and domestic stocks. When the market fluctuates, you can lock in gains, ride out rough patches if some stocks take losses, and continue to build income in a safe manner.
Be Smart About Investment Withdrawals
Investment withdrawals can make you feel wonderful, like you are giving yourself a large salary and raise every year. Attending our free retirement financial planning workshop can give advice on how much you should take out annually to live on and enjoy without tapping your accounts dry in the first few years of your retirement.
If you are ready to get a jump on your retirement strategies, or want advice on how to make your investments grow, attend Fortified Retirement’s pre-retirement financial planning seminar and retirement planning workshop. Get the free tips and knowledge so you have a happy retirement that suits your desired lifestyle.
Licensed Insurance Professional. Provides general information about insurance and retirement-related products and services. These products and services may not be specific to a particular state. Information provided on this website, in seminars or through printed or other published materials are not intended as specific legal, accounting or investment advice to an individual’s particular situation. By providing your information to us, you agree that we may contact you regarding the potential sale of annuity and/or insurance products. Information provided by Licensed Insurance Professional does not necessarily represent that of the individual professionals presenting this information. All the information presented is believed to be accurate and is secured from reliable resources, however, no guarantee is made to the completeness or accuracy of the information presented. Any opinions expressed are those of the author and the material presented is for educational and informational purposes only and is not intended as legal, investment or tax-related advice