According to a recent survey by Bank rate, the most common retirement age is 62. However, more people than ever are viewing their options for early retirement. Whether or not this is a practical decision depends on many factors, including whether or not potential retirees have created enough income to cover their living expenses for the rest of their lives.
Attending a pre-retirement workshop that lays out one’s financial options for retirement can help one figure out how much income he or she will need after retirement, how it can be attained, and how any savings they may have accrued might best be utilized. The ideal retirement planning seminar can help people understand that their success does not necessarily lie in the amount of money saved prior to retirement, but whether the retiree can generate sufficient income to cover his or her expenses throughout an extended period of retirement time.
The right retirement planning workshop can also help prospective retirees understand how to select an annuity contract that enables their capital to accumulate on a tax-deferred basis. Any retirement financial planning workshop worth its weight can assure that its clients fully understand their options prior to drawing up any investment plans or before purchasing specific services or financial products to optimize their retirement benefits. A workshop can also help the prospective retiree determine how much inflation will figure into the picture.
When planning for retirement, people often create financial goals for their retirement income and go to great lengths to manage their spending, savings, and investments, such as their 401k retirement plans. Signing up for a retirement planning workshop can assure that all of these steps are optimized and can work to the potential retiree’s advantage. A professional financial planning workshop can give anyone the exact tools that needed to plan for the future.
Generally, retirement will require approximately 80% of one’s pre-retirement income in order to maintain his or her current lifestyle. This percentage takes into account the absence of two major expenses that exist during one’s years on the job, namely contributions to a retirement savings account, and career-related expenses, such as supplies, transportation and maintenance. A financial planning seminar can enlighten the prospective retiree with tips such as these, as well as about any retirement tax strategies that might be useful.
Early retirement is an exciting prospect that, if entered into diligently, can reap many benefits. However, each person’s situation differs from the next. A pre-retirement financial planning workshop can help clarify and organize one’s portfolio and help identify the steps that he or she should take to assure the safest, most secure way to retire early.
A retirement income planning workshop can also help one get on track and stay there, both for necessities and for other expenses. Additionally, it can help develop 401k retirement strategies that can help the person who is considering early retirement make the most productive decisions.
Through a pre-retirement planning seminar, financial experts can tally your expenses and realistically assess the lifestyle that you can afford. Retirement planning seminars can also help you sort out unknown expenses, such as market returns or inflation. One of the most important things they address is affordable healthcare options that can sustain you until Medicare kicks in.
A retirement financial planning seminar or workshop offers the advantage of your being able to consult with experts that can help you anticipate future expenses. Classic retirement often relies on having 25 times one’s yearly expenses saved with an anticipated withdrawal of about 4% per year. However, this rule is based on retirees that are 60 and over who live approximately 30 years after retirement. There are additional considerations to make for someone retiring early.
One point that is stressed in pre-retirement financial planning seminars is the importance of becoming debt free prior to retirement. Early retirement considerations should include whether or not you owe money on a mortgage, have any outstanding loans, large credit card balances or other types of debt that will impede on your success after retirement.
A retirement workshop can also clarify options with regard to Social Security, which constitutes a major income source for many retirees. The later one waits to file to receive Social Security benefits, the higher the amount will be. A carefully curated retirement workshop will help you recalculate the length of your savings, and can help you align it with any incoming benefits, such as Medicare or Social Security.
If you need assistance with retirement planning, please visit Fortified Retirement for expert advice.
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