WEALTH MANAGEMENT
IS YOUR RETIREMENT DATE WITHIN THE
NEXT 10 OR 15 YEARS?
If so, … It’s pretty darn important to
identify one of the biggest retirement
financial headaches and how to prepare
for it - before this ever becomes your
headache in retirement. Nothing like
a headache to ruin a perfectly good
day, especially in retirement. So when
financial headaches like having enough
money, creating an income distribution
plan and paying for healthcare come
up, what are some forms of treatment?
Especially when ignoring them doesn’t
help them go away. In fact, ignoring them
probably will make them worse.
I have been building personalized
retirement plans for almost 30 years. The
same concerns and financial headaches
keep popping up. Sure yours may be a
little bit different but here is one of the
biggest ones that I see most frequently.
Entering retirement with the heavy
burden of debt.
The federal reserve board of St. Louis
estimates the average 55–64-year-old
carries $140,000 of debt, a jump from
about $45,000 since the year 2000.
Really? Wow, that’s terrible. So this
tells us that pre retirees are spending
more at a time in life when they really
should be socking more away for their
retirements, or aggressively paying down
debt – or both! Based on this above Fed
Reserve statement, it means that we have
increased debt since the year 2,000 by
211 percent.
This is a crisis in America. We have
over 10,000 baby boomers retiring every
single year. That’s not slowing down any
time soon. Boomers born in 1964, are it
– the end of this generation. So, if they
waited until their full retirement (age
67) we will be in the year 2031.
The Social Security administration
says the average retiree receives $1301
a month in benefits, or about $15,600 a
year. The average for a married couple is
$2100 a month or about $25,332 a year.
That is less than half the median
income of $54,939 (and far less in the case
of individuals) that the census bureau
says the median American household took
home in the year 2017.
The Social Security administration
estimates that about 1/3 of retirees
are trying to live off of Social Security
alone.
So, if I now have your attention….you
may be asking yourself – OK, where do
I begin? Well, I believe you begin with
the fact that this IS your first rodeo,
you probably have never prepared for
retirement before. What is retirement…..
anyway?
IT’s 20 – 30 years of unemployment!
That’s right no paycheck, no W-2 –
gone! The best thing to do right now is
this: take inventory. Establish a budget.
Make sure you are crystal clear on how
much money is coming in – and how much
is going out. Month after month. Year
after year. Next, take a look at your future
income sources. Social security, pensions,
rental income, part time job, investment
income? After that we will help build
a plan for you.
The retirement plans that we build
are customized for your situation. You
– and your family. Inflation adjusted,
and hopefully taxed advantaged as well.
Here is what I tell all new clients when
they ask us for help: “after my team and
I complete your retirement planning
analysis, I will share with you our
observations of where you are. I may
not tell you what you want to hear,
but I WILL tell you what I believe
you need to hear”. It’s called facing the
music. Good or bad, this is where this
conversation must start.
So many people just “wing it” when it
comes to retirement planning. They wait
too long to implement the right type of
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plan. Unfortunately, many don’t have any
plan at all. Don’t let this be you! I can tell
you this, the longer you wait – the harder
it is to correct any headaches (like the
burden of debt) that can seriously alter
your retirement plans. A true retirement
advisor will probably be a significant
asset to you and your family in the long
run.
Income planning, debt reduction
strategies, portfolio allocation and
investment implementation, tax reduction
and tax free strategies, medicare elections
and guidance, health care and health
saving account structures, long term care
help and comprehensive estate planning.
That’s what we do, every single day….
under one roof. Let us help you face
and defeat your financial headaches…..
whatever they may be!
Retirement Wealth Advisors www.ASKsteveholland.com
727.724.3334
2637 McCormick Drive #101
Clearwater, FL 33759
* This material has been prepared for informational and
educational purposes only.
It is not intended to provide, and should not be relied upon for,
accounting, legal or tax advice. Please consult with a professional
specializing in these areas regarding the applicability of this
information to your situation.
Investment Advisory Services offered through Mutual Trust Asset
Management