Retirement Planning Services in Maryland
Why Plan For Retirement?
With a longer projected life span, more than ever it is important to plan for retirement in order for you to maintain the quality of life that you currently enjoy. During retirement planning there are several factors that need to be taken into consideration, such as ill health, the need to provide income, travel, returning to school, volunteer work, the pursuit of favorite hobbies or sports and the list goes on.
Developing a successful retirement plan involves carefully considering a wide range of issues and potential problems. Finding solutions to these questions and concerns usually requires both personal education and the guidance of knowledgeable individuals from many professional disciplines. The key is to begin planning as early as possible. Planning Needs financial professionals have experience in helping clients, developing the right retirement plan for their needs. Contact us today for a Free Consultation.
Here are some of the key issues that are faced when planning for retirement.
Paying for Retirement:
- Outliving accumulated personal savings
- Social Security Benefits and income from employer-sponsored retirement plans provide only a portion of the total income required
- With insufficient income retiree may be forced to continue working or face a reduced standard of living
- The Federal Government Medicare program is considered to only be a foundation
- Often a Medigap policy is needed
- Healthcare planning should consider a proxy, someone to make medical decisions when an individual is temporarily incapacitated.
- Retirement planning must consider what happens to an individual’s assets when retirement is over and not only ensure that all assets are transferred to individuals and organizations chosen by the owner but that they are done so with the least amount of tax
- The question does not only include the size and type of home (condo, house, assisted living, shared housing) but also its location. Completely paying a home loan can reduce monthly income needs. A reverse mortgage can provide additional income
- Being accustomed to a busy work lifestyle can cause it to be difficult to enjoy the freedom of retirement. Planning ahead can make this transition easier
With proper planning, these needs can be met, and the professional planners at Planning Needs can help you establish the right retirement plan. Contact us today for a FREE Consultation and get on the right path to achieving your retirement goals today.