"Planning for retirement can be a very exciting thing. But it can also be overwhelming. Even if you're someone who saves consistently in an IRA or 401(k) and who's pretty financially savvy, it's hard to wrap your head around a decades-long period of life where you may not be working for a living."
"You may be putting money into your IRA or 401(k) plan each month. But does that guarantee you'll end up with a large enough nest egg? Not necessarily. A financial advisor can help you invest your retirement savings so your portfolio does more of the heavy lifting, allowing your contributions to go even further. They can also help you calculate a savings goal so you'll know if you're on track at various points during your career."
"One of the toughest retirement decisions you might have to make is figuring out when to claim Social Security. Those benefits might end up being your only source of guaranteed retirement income for life, so it's important to file for them strategically. A financial advisor can help you decide when to claim Social Security based on your income requirements, health, and goals. They can also run the numbers for you to show you the impact of filing for benefits early, late, or on time. And if both you and your spouse are entitled to Social Security, a financial advisor can help you coordinate your"
Planning for retirement can feel exciting and overwhelming, especially when imagining decades without employment. Regular IRA or 401(k) contributions do not guarantee a sufficiently large nest egg. A financial advisor can improve investment strategy to let contributions go further and can set measurable savings goals at career milestones. An advisor can design withdrawal plans that consider income needs, health, and life expectancy to reduce the risk of outliving assets. An advisor can also analyze Social Security claiming scenarios, advise on optimal timing, and coordinate spousal filing strategies to maximize guaranteed lifetime benefits.
Read at 24/7 Wall St.
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