Planning Your Future Today with Advice You Can Trust
Saturday, December 22, 2018, 6:00 PM | Leave Comment
Retirement is something we all think about doing someday but too few of us do anything about until it’s too late.
The right plan is the one that’s made early enough so as to be the most effective method for accruing enough wealth to live comfortably in your golden years.
It’s also the one that’s been devised with someone in your corner who knows how to navigate the many pitfalls that lie in wait to whittle away the money you have saved for your retirement and prevent you from putting enough away to meet your financial goals for the future.
Whatever those goals might be, now is the time to think about what your retirement is going to look like and the best way for accomplishing them down the line.
That means understanding your wealth and how it can impact your life once you decide to call it a career in your chosen field.
You certainly don’t plan to work until your dead but you also don’t want to realize the money you saved is going to run out well before you expect. So planning ahead now, when you’re younger and you have more years ahead of you to sufficiently save what you need, is only going to benefit you later on.
But don’t go it alone, seek help from financial advisor San Diego for answers when it comes to saving for the future.
A comfortable retirement should be more than a dream, it needs to become a reality and the sooner you start out on devising a sensible plan and executing it to perfection, the more you’ll have to put away towards reaching that number you’ve decided upon for reaching that comfortable retirement.
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Ask the Financial Advisor San Diego Trusts
The path to retirement has many paths and winding roads. Some routes are easier to travel than others as you make your way to retiring when you want not when you are able to financially. But your journey can only begin once you decide what the future holds for you.
That means figuring out how much money you really need to live the retirement you have in mind. You can only do that once you decide what it is you plan to do after you retire. Do you have designs on starting your own business, taking up an expensive hobby, traveling the world or maybe just traveling to see your family and grandkids more often?
The one thing we can’t accurately predict is how long we plan to live. That’s a luxury that none of us is afforded unfortunately, but we can do the next best thing and make plans for how we want to live out our remaining days on this earth. Since we’re not guaranteed a specific number of years to remain after we retire we can at least decide how we plan to fill those days we are given, finite as they may be.
So the thing to ask your financial advisor San Diego is how to plan out just what amount of money is sufficient to keep that income consistent when no other income is coming in from employment. The finances you plan to use for the retirement plans you have in mind is going to come from the accounts you have established for growing and managing your wealth.
The number you arrive at is going to be dependent upon what you want from life after you retire. If your plans involve traveling the world or buying a yacht, the amount of money you need to save will be significantly more than if your plans don’t include much more beyond relaxing on the front porch catching up on all those years of reading you missed out on when you were working 70 or 80 hours a week.
Perhaps you want to move to some place nice and warm and expensive. That will also require some forethought as to the type of home you want, whether you plan to buy or rent, and the cost of living in your new town.
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Now Comes the Budgeting
Once you’ve figured out what you want to do with the rest of your life, you need to start budgeting for it. That may sound like a tough challenge but it really isn’t all that tough. You can come up with round numbers that are practical with respect to the plans you have in mind.
Some budgeting is easy, if you want to buy a boat, you probably have an idea of the kind of boat you want. There’s the cost of the vehicle itself, insurance and maintenance costs, dock fees, and other expenses that might be related to owning the boat of your dreams.
Some other plans can be tougher to budget but do the best you can in determining how much you need. If you plan to travel, consider every cost associated with the trip (or trips) you wish to take. While it’s true that airfare prices can fluctuate you can come up with an approximate number that is realistic. The same goes for all other expenses related to lodging, incidentals, and related expenses.
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Money in the Bank
Now that you have a number in mind based on your budget, a financial advisor San Diego can advise you on the best strategy for saving enough to reach that number by the time you want to retire. The right saving plan will get you to the finish line at the pace you want, not the pace you are forced to adopt as a result of planning too late or not having a smart enough plan in place to begin with.
But there are other factors to remember as well, you want to save more than you think you might need to put towards expenditures related to your retirement plans. Health insurance and medical costs, for example. As we age, our health can begin to deteriorate and we are likely to spend much more of our resources towards maintaining a healthy life.
Medicaid and Social Security might be relied upon to cover part of your costs, the rest is up to you. So it’s important to think carefully about how much you really need to save so that all of your retirement money doesn’t go towards keeping you healthy instead of the things you planned on doing when you retire.
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