How to Plan for Retirement
WHEN CAN YOU RETIRE?
EP Wealth Can Help You Determine a Comfortable Retirement Date
Do you catch yourself asking,“I wonder at what age I can retire?”
At EP Wealth Advisors, we help you answer that question. And if the answer is “not soon enough” then we will provide retirement planning advice to help you get on track.
Is early retirement your dream? Based on your current investments and investing strategy, how likely is it that this dream becomes a reality? That’s where financial planning for retirement comes in.
Your retirement date is based primarily on when you will have sufficient assets to provide the income to meet your needs for the rest of your life. A bear market can force you to put off retirement or run the risk of outliving your money. A financial advisor can help you build a plan focused on protecting principal, minimizing losses, and enabling you to retire on your own terms.
HOW TO PLAN FOR RETIREMENT
Identify the Gap Between Where You are and Where You Want to Be
Daydreaming about retiring can be inspiring, but thinking about retirement is different from planning for retirement. Every retirement plan has to balance three main goals:
- Maximize your enjoyment of retirement
- Manage the risk of outliving your income
- Manage the risk of unexpected life events and investment risk
The difference between the annual income you need and your retirement income is your gap, And that's what needs to be solved with your savings and investments, including real estate. Retirement income is usually defined by Social Security and pensions. You may have a handle on current expenses, but many expenses change in retirement, like health care, long-term care, and travel. The gap between income and expenses may give us an idea of the annual income you will need in retirement. The gap gives your personal financial plan a clear objective for your investment portfolio, which may also include real estate.
A general rule of thumb is that you'll need 60-90% of your pre-retirement income, but that can change for every person, which is why we will create your personal financial plan and customized investment portfolio.
OUR HOLISTIC APPROACH TO WEALTH PLANNING
How EP Wealth Helps You Build the Future You Envision
With EP Wealth Advisors, you get much more than investment management. You get a personalized financial plan that clarifies your goals and guides your financial decisions as you build the future you envision.
Your customized financial roadmap includes a financial health assessment to see where you are now and how to get to where you want to go. That assessment includes an investment portfolio analysis and tax planning services for a totally holistic approach. EP Wealth can work with a CPA in developing a tax plan. We can also advise about your insurance needs to protect your loved ones.
Life changes, and your retirement plan needs to stay flexible. We meet with you regularly for a retirement plan review and to make any adjustments for the surprises that life throws your way.
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