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What Financial Planners Recommend for Retirement Planning
February 26, 2022 at 10:30 PM
Image of a retired couple taking a walk after talking to a financial planner in Kansas City.

Retirement planning ensures your future is comfortable and looks exactly how you want, whether it’s international travel, time with family, or a vacation property. Getting started on retirement planning is daunting, but the earlier you begin, the more flexibility you have later in life. Finding the right financial planner in Kansas City can get you started with the proper steps. Early planning will provide lasting, substantial results for your long-term financial health. When you’re ready to begin planning your future, here are the first steps financial planners recommend to get you started.

Calculate how much you’ll need for retirement

One of the most intimidating aspects of planning for retirement is the uncertainty of how much money you’ll need and how many years you’ll need it. With the complexities of saving and investing that come from retirement planning, it’s critical to remember the purpose of the money: to support you and your loved ones for as long as you need it.

When calculating how much you need for retirement, consider these costs:

  • Housing costs, including mortgage, utilities, and maintenance
  • Healthcare, including regular appointments and potential emergencies
  • Daily costs of groceries, cars, and transportations, and shopping
  • Travel and other retirement goals

Chances are, when you start to calculate what you’ll need in retirement, don’t be surprised if there are more than you anticipated.

Get started with savings.

Savings will be the foundation of your retirement. In your 20s and early 30s, saving for a home and paying off student loans often take priority over saving for retirement. But even $20 a week can make a huge difference when you’re ready to leave the workforce.

Once you’re in your late 30s and 40s, it’s essential to ramp up your savings strategy with accounts like:

  • High-yield savings accounts
  • Traditional and Roth IRAs
  • Traditional and Roth 401(k)s

Establishing a budget and setting up automatic transfers are easy ways to make retirement savings an established part of your personal financial strategy.

Create an investment account

Everyone has different tolerances for risk when investing. Still, your retirement accounts should be balanced mutual funds that you can rely on after leaving the workforce. A typical structure for retirement investments is a balance between equities and bonds.

A financial planner in Kansas City can help you develop an investment strategy that balances your risk tolerance with achieving your retirement goals.

A senior couple enjoying their retirement at Geiranger, Norway

Find a financial planner you can trust

A financial planner in Kansas City will work with you–wherever you’re at in your career, to achieve your goals for retirement. Saving and investing are just the first steps in building a comfortable retirement. It’s overwhelming to handle independently, and you may encounter unexpected pitfalls. Putting your retirement in the hands of a professional gives you peace of mind that you’ll flourish during your post-work years.

OWLFI helps clients build the retirement they want with expert financial planners in Kansas City.

OWLFI brings together a team of professionals to make clients’ goals for their retirement into reality. By listening to our clients, we make their dreams our own and then apply our years of experience and training to achieve them. We’ve seen the financial suffering caused by a disconnect between CPA, estate attorneys, and financial planners. That’s why we brought together a team of professionals from diverse backgrounds to give clients everything they need for comfortable retirements that look exactly how they’ve always dreamed. By taking a generational view of your goals, our services extend beyond end-of-life to provide you with total peace of mind.

Schedule a consultation with OWLFI for comprehensive, transparent financial planner services in Kansas City.

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