If you’re planning on retiring, you don’t want to put off getting your finances in order. It’s important to consider the fact that you’re planning on living for 20 to 30 years without any traditional income. For some, the prospect of going for this long without any income is frightening. However, you can feel better about this by getting help from a retirement planning advisor with OWLFI. In fact, we have five reasons why you should work with our advisors.
You can get expert advice
Whether you do a great job managing your finances or struggle to balance your budget each month, expert advice can always help. Financial advisors are in the business of helping you understand trends in the world of finance so you can assemble the best plan for your future. There’s often nuance that comes with creating a long-term financial plan and our team has a strong understanding of everything that goes into creating yours. Part of putting together your retirement plan will include outlining what you want your retirement to look like so you have the funds available to make it a reality.
You can learn how to maximize your contributions
A 401(k) and IRA each have maximum allowable contributions each year. Our team will not only help you identify how much you can put into your accounts each year, but they’ll also help you manage your budget to get there. As of 2021, the maximum allowable contribution for your 401(k) is $19,500 and $6,000 for an IRA. We can help you put together a plan that will make it easier for you to reach these amounts each year so you don’t have to put in catch-up contributions after you turn 50. If you do need to make catch-up contributions, we’ll help you get those in order as well.
You don’t want to live off Social Security
Social Security was put in place to help retirees financially. Yes, it’s a great way to have some extra money during retirement. However, it’s not going to be enough for you to live off of. You should plan to live off your own savings and treat Social Security as a supplement. Keep in mind that the average monthly Social Security payment in 2021 is $1,543. This can be used to pay your mortgage or some utilities, but it’s not going to be enough to live off.
You can make a plan
A retirement plan will help you to see what you’re going to be doing with your finances in the long term. You’ll know what you’re going to be bringing home to live off each year until you get to retirement as well as what you’ll have during retirement. This makes it easier to budget your finances and see the bigger picture of where your money is going.
You don’t want to put it off
Saving for retirement isn’t something you want to put off. The very last thing you want to happen during retirement is running out of money. Because of this, it’s never too early to put together your retirement plan. On the other hand, it’s also not too late. You can get advice from experts like us to put together a retirement plan that will work for you and your finances.
Don’t wait, get in touch
Don’t wait another day on your retirement plan, get in touch with OWLFI today. Our team of retirement planning advisors will work with you to assemble the right plan for you and your budget. You’ll have a clear vision of the future and what it will take to get there. Give us a call or fill out our contact form to schedule an appointment.