Retirement Planning: A Personalized Approach
Planning for retirement is a journey, and the sooner you start, the better. This gives you plenty of time to create a financial plan based on your goals and objectives and begin working toward them. At its core, retirement planning is about identifying when you can stop working and how much money you need to support your desired lifestyle. As we often state, there’s no one-size-fits-all approach to retirement planning. Your plan may evolve over time because life happens, and financial needs change. Here are a few considerations when looking ahead to the future.
Your Retirement Plan is Unique to You
Retirement planning is always a popular topic here at North Main Financial Group, but it looks different for everyone. Even individuals in the same demographic can have vastly different retirement strategies. Your plan may include a combination of employer-sponsored retirement accounts like a 401(k) or Simple IRA, investments in stocks and bonds, real estate holdings, or other assets. If you’re unsure how to reach your retirement goals, working with a financial advisor can be beneficial. And remember, it’s never too late to start investing – every dollar saved now will make a difference later.
Don’t Focus Solely on A Target Number
Our industry often emphasizes reaching a specific savings target, but retirement planning is about more than just accumulating wealth. It’s equally important to consider the gap between what your portfolio can generate in income and what your expenses are. If your income is too close to your overhead, you may feel financially strained, even if you have a large savings balance. The goal is to widen this gap over time so that your retirement years are comfortable and financially secure. Focusing on income sustainability rather than just a total savings figure can make a significant difference in your overall financial well-being.
Building Flexibility into Your Plan
Life is unpredictable, so your retirement plan should be flexible enough to adapt to changes. Some retirees rely on multiple income streams, including Social Security, pensions, investment portfolios, and part-time work. Others may incorporate real estate income or annuities. By building a diversified and adaptable strategy, you can better manage the financial ups and downs that may arise. Our approach at North Main Financial is to meet clients at their point of need, helping them navigate their unique financial landscape.
Conclusion
Retirement planning is not just about saving – it’s about creating a sustainable and adaptable financial future. With today’s longer life expectancies and evolving financial landscape, it’s more important than ever to have a plan that supports you throughout your retirement years. By recognizing the uniqueness of your situation, focusing on income sustainability, and incorporating flexibility, you can set yourself up for a secure and fulfilling retirement. At North Main Financial, we’re here to help you build a retirement strategy that aligns with your goals and needs.
If you have questions about retirement or would like to review your financial space, call us at (704) 987-1425 or visit us virtually at www.northmainfinancial.com. If you wish to schedule an introductory meeting, we would be happy to meet with you at no cost or obligation to you.
These Blogs are provided for informational purposes only and should not be construed as investment advice. Any opinions or forecasts contained herein reflect the subjective judgments and assumptions of the authors only and do not necessarily reflect the views of Osaic Financial.
