We are here to help you achieve your retirement goals. Explain to us your ideal retirement, and we will develop a strategy to send you down that path.
With retirements lasting 25 to 30 years, it is essential to understand and manage your retirement finances. By using proper retirement planning, you can better understand and manage your finances and take the stress out of retirement.
Time waits for no one; neither does money. Use time to your advantage when investing for wealth accumulation. The sooner you start investing, the more time your money has to compound interest. Even if you have lost ground in recent years, you can get back on the right track. This can be accomplished through aggressive investing, or you can take a conservative approach. The conservative option typically only has a portion of assets invested in the stock markets, while the rest is allocated elsewhere. These assets are placed into protected income contracts and investments.
In recent years, we have seen aggressive and conservative products move in tandem with one another. In other words, we have experienced scenarios where safety cannot be guaranteed. Twenty-first century asset protection requires more than strategic asset allocation. We support product allocation or buying instruments to help protect your portfolio from negative returns. By diversifying your retirement finances among a variety of vehicles, you may have a better chance of realizing your retirement income goals.
IRA accounts represent a large part of the assets inherited by beneficiaries. When considering a legacy planning strategy, look for one that reduces taxes and increases payouts to your beneficiaries using your IRA money, if you don’t anticipate using that money during retirement. A properly structured IRA can provide your beneficiaries a steady income while leaving the balance of IRA assets invested for tax-deferred growth. Over the course of the beneficiaries’ lifetime, the payout may even increase.
When contemplating life insurance, consider those you will be leaving behind. Will your insurance cover estate costs and still help your loved ones maintain their current standard of living? As a general rule, we suggest coverage of five to seven times your gross annual income. This type of policy falls into two categories: Term and Permanent. Term insurance provides coverage for a specified period of time and pays out a certain amount only if you die within the given time period. Also, you typically pay the same premium from the first day of the policy until it ends. Permanent insurance does not need to be renewed. It stays in effect for the rest of your life, as long as the premiums are paid.
With new medical technology and pharmaceuticals, we are living longer than ever before. This is great news for our loved ones and us, but you may outlive your savings. You need a plan that accommodates a longer life span. A significant investment loss in the years just prior to or right after you retire can have a devastating impact on the level of income you receive for your retirement. At Raleigh Wealth Solutions, we work with you to design an income plan that incorporates insurance and investing to provide long-term opportunities and a fixed income throughout your retirement.
After retiring, you have four options for your employer-sponsored retirement plan:
Rolling over from one qualified plan to another qualified plan allows your money to continue growing tax-deferred until you receive distributions. Let us help you determine if a rollover plan is right for you and the best vehicle to conserve and grow your rollover assets.