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Comprehensive Guide To Retirement Planning – Things You Need To Know & Consider

What you need to know.

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Retirement planning is one of the most talked-about subjects when it comes to financial planning. It’s mainly because people focus too much on income-generation that they tend to skip the importance of investment and retirement planning. 

For people who do not have a financial background, they must seek professional assistance from financial planners to ensure their money is working as hard as they do to achieve their long-term financial goals. 

In this guide, we would discuss the various aspects of retirement planning to help you get started in the right direction and feel confident about your future.  

When to Get Started? 

As cliché as it may sound, the sooner you start your retirement planning, the better it would be for your financial future. Time is an essential component for any kind of investments. The sooner you start investing, the bigger would be the financial rewards from your investments in the future.  

It’s good not only for retirement planning but also for wealth creation. Ideally, most people start working in their 20s, so starting to save around this time is recommended. It would eventually wear off the additional financial burden in the future.  

Build a strategy for retirement planning or wealth creation and stick to it. Having a financial strategy allows you to see your financial future with clarity, which would help you remain financially disciplined and committed.  

How Much Money Do You Need Post-Retirement? – Defining Goals 

It’s a tricky question, and it’s quite possible that you may not know the accurate answer to it, considering several factors would help you come up with a ballpark figure. 

There are factors like inflation, retirement goals, life transitions, emergency funds, inheritance, and more, needs to be considered to help you come up with the amount you need post-retirement.  

When you consider all the expenses mentioned above, it may look big now, but systematic investments now can help you reach retirement planning goals. Calculate the amount you need upon your retirement with the help of retirement planning calculators available online.  

The lifestyle you live now and how you want to spend your life post-retirement should also be taken into account to help you come up with a figure that is reasonable.  

How to Get Started With Investments? – Making Right Investment Choices 

If you’re a salaried employee, you must already be covered with 401(k). It’s a healthy start to financial and retirement planning, and you can top it up with an IRA plan. It would contribute considerably towards your retirement planning goal from your end and help in increasing the size of your retirement corpus in the long-term. 

Along with, you can choose from various other investment options available in the market to radically boost your wealth creation goals. Some of the investment products you can choose are – 

  • SIP 
  • Fixed Deposits 
  • Precious Metals 
  • Tax- Savings Investment Instruments 

Make sure that you do not put all your eggs in one basket and diversify your investments even if it calls for lesser returns. Focus on stability, consistency, and diversity when it comes to making investments. 

Being too aggressive tends to pull you back several years with unexpected losses and may disrupt your finances. 

Assessing and Managing Your Finances 

Before you start with retirement planning, assess your financial situation as it is now. Look at how much you’re earning now and what are your living expenses. It would give you a good idea on expenses you can cut down, how much you need to start saving now, and what needs to be done to align your current income with the retirement planning strategy. It would take a lot of effort, discipline, and compromises to stick to a financial strategy, but it would be worth it in the future.  

Importance of Hiring a Professional Financial Planner 

As easy as it may sound, retirement planning is not a cup of tea in today’s volatile financial markets. There are endless investment products and a simple internet search on retirement planning is enough to confuse you more than when you first started with planning. 

For this reason, it’s ideal to hire a financial planner Atlanta GA as they have years of experience and know exactly how to put you back on the right path to financial independence post-retirement.  

Financial planner Atlanta GA would consult with you in details, regarding your current financial situation, your retirement goals, and what are your inputs on the same.  

Depending on the constructive discussion with the clients, financial planner Atlanta GA would develop a personalized retirement planning strategy that would help you reach your financial goals.  

It involves consultation with the client, information gathering, and devising a financial strategy, correct implementation, monitoring investments, and keeping you updated with the latest financial trends. It helps you stay updated with how your investments are performing and whether any changes are required or not.  

Hiring a professional financial planning firm can make a positive difference in your financial future. It would offload the burden of complex financial planning on you so that you can focus on your job/business without any worries at the back of your mind.  

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