Do you reminisce about the great times you had during your academic years when you think back on them? Whether it’s college, high school, or postgraduate study, schooling prepares students for their future by giving them the tools they need. When it comes to retirement planning, the same principle applies! You still have your entire future ahead of you, so make sure you’re prepared for it.
Get to Class on Your Risk Tolerance
Ask yourself this: Is your retirement portfolio properly balanced between low-risk and high-risk assets? Are they diversified across sectors and asset classes that are in line with your risk tolerance? It’s crucial to strike a balance between high-risk and low-risk assets across sectors and asset classes to make sense of our retirement goals.
For example, a retiree might allocate a portion of their portfolio to high-growth technology stocks while investing another portion in dividend-paying consumer staples stocks. You may also diversify across asset classes like real estate and bonds. Your risk tolerance may differ from others, but getting it right can have a tremendous effect on your retirement.
Refresh Your Income Strategy
The goal of saving throughout your working life is to enable you to have enough income in retirement. If you have reached a certain age, you must think about your money in a different way. For example, instead of wondering how much your money might grow in value, you must ask how you might maintain the value of your money and receive the optimal return in either dividends, interest rates, or withdrawals from retirement accounts.
There are several factors to be concerned about when deciding how to utilize Social Security payments. It’s not as easy as just taking them as soon as you retire. You should think about whether to receive Social Security payments early or if it would be better to wait and receive a larger sum. You should collaborate with your other resources to determine when to take Social Security payments to benefit the most.
Talk to a Financial Advisor
There are a lot of moving pieces to a retirement plan that will depend on your unique situation and goals. A financial professional will know what tools to utilize to help you meet your retirement goals. But not all financial professionals are the same. Some want to sell you cookie-cutter financial products that don’t make sense for you. At The Quincy Group, we consider your unique situation to make sure all your bases are covered, and your unique goals are met. You might not be getting the most out of your finances without a tailored approach. So, talk to us today for a no-obligation financial review and find out how we can ‘help you live a richer life.’
Securities and advisory services offered through Royal Alliance Associates, Inc. (RAA), member FINRA/ SIPC. RAA is separately owned and other entities and/or marketing names, products or services referenced here are independent of RAA. RAA is not affiliated with Lone Beacon
Neither the named representative nor the named Broker/Dealer or Investment Advisor gives tax or legal advice.
Fixed index annuities are designed to meet long-term needs for retirement income. Early withdrawals may result in loss of principal and credited interest due to surrender charges. Distributions may be subject to ordinary income tax and, if taken prior to age 59 ½, an additional 10% federal tax. An income rider or benefit (sometimes called Guaranteed Lifetime Withdrawal Benefits, or GLWB) is an additional feature available with some annuities and generally optional and come with additional cost. Income benefits are designed to provide income options above and beyond the standard annuitization or free withdrawal features in annuities. All contract gains beyond the CAP rate are surrendered to the insurance company to pay for the expense of the product.
The views expressed are not necessarily the opinion of Royal Alliance Associates Inc, and should not be construed directly or indirectly, as an offer to buy or sell any securities mentioned herein. Individual circumstances vary. Investing is subject to risks including loss of principal invested. No strategy can assure a profit against loss.