Retirement Planning

Retirement is a sensitive topic for several people. For some, it's the freedom to do the things one desires, while for others, it could mean loss of status, income, and meaning in life. But, at one point in life, people are compelled to leave active work, whether voluntarily or not. Nonetheless, there is only one way to make it count, and that's through retirement planning.

<b>What is Retirement Planning?</b>

What is Retirement Planning?

Retirement planning is where you establish a financial strategy or plan of investing, saving, and allocating money to sustain yourself once you retire. If you want a successful plan, you will need the services of a professional retirement planner. In simple language, retirement planning is when you prepare financially for life after paid work ends. 

Professional services from our retirement planners will not only help you account for income and assets but also liabilities, expenses, and other expectations. RTI Wealth Management has the expertise to guide you to develop an effective retirement plan.

Why You Need a Professional Retirement Planner

When planning for retirement, professional guidance should be your first consideration. Planning can be a complicated process you shouldn't navigate alone. Our experts at RTI Wealth Management will guide you and review options with you to help you see the broader picture and walk with you in every step of the process.

Our retirement planners understand various plans and have the right planning tools to assist you in growing your investment and savings efficiently. We don't take your retirement plans as a one-life event, but we use a comprehensive approach to help you develop a masterpiece. This mainly involves taking a closer look at your potential retirement-income sources.

A retirement planner will also keep you on track, helping you identify opportunities and risks as you implement workable strategies. At RTI Wealth Management, our professionals have adequate experience and expertise to guide you in making informed decisions.

Why Planning for Retirement is Important

It is said that you retire from work but not life. You can only achieve a joyous post-retirement life through a solid and effective retirement plan. If you want to enjoy and achieve your ultimate retirement plan, you need to understand how to maintain a daily lifestyle without worrying about expenses. You can define this path by planning to achieve retirement goals through financial independence. Here is why you should plan for retirement.

  • To be ready for emergencies
  • Maintain a standard of living
  • To fight inflation
  • For fulfillment of retirement goals
  • Readiness for a longer life
  • To have a legacy
  • To avoid being a burden to loved ones

While you are looking to fulfill your retirement goals, our advisors at RTI Wealth Management can guide you on planning and growing your money safely.

Steps for Retirement Planning

There are several steps involved in retirement planning. Our retirement planners will be there to guide you through these steps and towards your ultimate goals. Here are the basic steps.

  • Step 1: Know when to start planning for retirement
  • Step 2: Establish the amount you need to retire
  • Step 3: Prioritizing financial goals
  • Step 4: Choosing the appropriate retirement plan for you
  • Step 5: Pick your retirement investments

One general tip is aggressively investing when you are young to save and have more when you retire.

Curious about your retirement savings?

Use this calculator to help determine when your retirement savings account may be depleted given a specified monthly income target.

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Frequently Asked Questions (FAQs)

Why is retirement planning important?
One primary reason you should plan for retirement is that you can't work forever. It's an opportunity to plan for those dreams you have always had, such as traveling, spending more time with loved ones, and more. Retirement planning also helps you avoid future financial obstacles saving you from burdening your loved ones.

When should I start planning for retirement?
When you are young, it's easy to put off or ignore retirement plans. But this is the ideal time to plan for retirement. The sooner you start a retirement plan, the better. Although there is no specific time to start planning for retirement, experts recommend an ideal time to start is in your 20s. Regardless, start planning as soon as you can. Unfortunately, starting to save with less than ten years to retirement may not give you enough to sustain your post-retirement life. You can seek more advice from our RTI Wealth Management experts.

How much money do I need for retirement?
A simple answer is the more you save or invest for retirement, the better. However, most experts, including our own at RTI Wealth Management, state that the amount should be at least 80% of your final pre-retirement yearly or annual income.

The process of planning for retirement can be hectic and tedious if you lack expert guidance. Our advisors at RTI Wealth Management are ready to help. Contact our professionals today.

For more information about our firm and the services we offer, send us a quick email or call the office. We would welcome the opportunity to speak with you. | 970-236-8800

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