Unfortunately, retiring is being discussed in a superficial way—soon-to-be-retirees aren’t provided the resources needed to make decisions. What about the 401k and pension? Does an IRA or annuity make sense? What happens with health insurance changing? Will I run out of money? So many questions, yet no clear roadmap to follow.
The Heavy Burden of the Financial Planner
As Baby Boomers and Gen-Xers approach retirement, they are realizing help is needed. But, who can truly help? We can agree that cancer treatment is complex; it requires a team of specialists. There is too much for one doctor to know. Retiring is similarly complex, it too requires a team of experts. Thankfully, there are retirement specialists ready to help diagnose the situation.
Costly mistakes and decisions when retiring have become common. Although unintended, mistakes lead to consequences that can result in thousands of dollars less for retirement. For instance, there are countless moving parts with social security—from when to claim, to lifetime earnings and taxes, to the spousal benefit factor. Simply put, your choice may result in losing $100,000 or more over your lifetime.
Even something as basic as post-retirement spending is a concern. According to a J.P. Morgan Asset Management study, retirement plan withdrawal rates on average have exceeded 20% per year during the first couple of years in retirement. With people spending thirty years or more in retirement, the result can become devastating.
The Quarterback Approach
Most soon-to-be-retirees need help—a playbook and quarterback who leads them through the process of making smart decisions. Emotional decisions, drawing on confusion and frustration, can lead to losing out on hard-earned retirement savings and benefits.
“There are few experts who have mastered the breadth and depth of technical knowledge required to help families make informed decisions around retiring. The challenge is deciphering who is a true expert in a sea of advisors talking a good game,” says Sharon Duncan MBA, CFP®, AIF®, creator of the Retiring FITT System. The good news? True experts can become your quarterback, holding the playbook for successful retirement. Take the scary, overwhelming, and confusing out of retirement, and find a true expert.
Selah Financial Services has been providing individuals and organizations with financial guidance since 2006. Located at 1550 W. Bay Area Blvd. Ste. 101, Friendswood, TX 77546 and 1 Sugar Creek Center Blvd., Ste.150, Sugar Land, TX 77478 the advisors of Selah pride themselves on crafting unique strategies for each client. For more information, please visit www.selahfs.com. Securities and Advisory Services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.
SOURCE Selah Financial Services
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