What’s your financial plan for retirement?
While time is certainly of the essence, anybody—at any age, at any stage of life—can benefit from having a great retirement plan. The earlier you begin to have an eye toward the future, the more time you will have to achieve your retirement goals. However, with the right resources and advisors, an aggressive and effective retirement plan can be within reach for individuals who may have started saving later.
Before investing on your own in IRAs, stocks, bonds, CDs, and money markets, let’s take a step back and look at your goals and how the advisors at Adirondack Wealth Management work alongside you, to ensure you are on the most reasonable and straightforward path to achieving them.
Assessing your situation: What do you have and what do you need?
What do you want your retirement to look like from a financial perspective? Everyone has different objectives, but some common ones include:
- Maintaining a familiar, high standard of living on a fixed or reduced income
- Having a plan regarding healthcare, including financing, for everything from insurance to potential home modifications to eldercare
- Purchasing a home, whether it’s a primary or secondary residence; or, perhaps your goal is simply to go into retirement without a mortgage payment at all
- The ability to enjoy your time outside of the workforce, through vacations and supporting other hobbies
- Financially supporting other family members
Setting clear goals helps you and our team of wealth management advisors develop a strategy to help you reach them. There are plenty of variables to consider, from the risks and potential rewards of different investments to tax implications and the amount of retirement income you’ll need to live comfortably. The best part about working with Adirondack Wealth Management is that we’ll be by your side the entire way, making sure you have the peace of mind you need to move confidently into retirement.
When it comes to retirement, don’t wait
Ideally, you will begin saving for retirement the moment you enter the workforce. However, we know all too well that many younger workers wait until their careers are more established before seeing the value of contributing to their retirement. Even small amounts can ultimately translate to big gains for those who start saving early.
As a younger saver with many years to go before retirement, you not only have more time for your money to grow, but you also have the ability to take on greater risks in your investments due to the volatile nature of the market (and having the time to recover). Our advisors know how critical it is to have a solid plan as early as possible. We will work with you, and where you are in your career, to make sure that you have a plan that is realistic and achievable for you.
However, as you near retirement—meaning you’re about 10 years away from your target retirement date—it’s an ideal time to fine-tune your strategies, review your investments, adjust your allocations, and overall be more conservative with your investments.
If you’re getting close to exiting the workforce but are new to retirement planning, you can still craft a strong strategy with support from our wealth management experts. We will examine your current finances and goals, and will devise an aggressive plan so you can embrace your future without financial doubt.
Keep in mind that retirement income doesn’t only come down to your 401(k) and a company match. The most effective retirement plans draw from a variety of sources, including your 401(k) and match, but also Social Security benefits, pensions, and other investments.
The enduring value of an exceptional wealth management team
Our team of advisors at Adirondack Wealth Management have experience working with clients of all ages, with a wide variety of retirement and other financial goals. We will offer important context and guidance around retirement that aligns with your stage in life and your career, creating the conditions that support positive outcomes in retirement planning.
We do more than support your goals through making investment recommendations. Did you know our advisors are also equipped to help you through a variety of situations regarding your finances?
- Handling the general management of your retirement assets
- Identifying and tracking your assets to build a complete picture of your retirement
- Transferring those assets to a single financial institution for better oversight and control, when necessary
- Engaging in regular conversations about goals, obstacles, changes in personal priorities, and other factors that can impact your retirement strategy
- Taking the initiative to propose updates that best align your asset allocation with your goals
Wants and needs rarely remain static over time. That’s why it’s important to have a wealth management advisor who is your financial partner. We have your best interests in mind, and that includes helping you clarify your goals on a regular basis.
Adirondack Wealth Management: We’re your partner
We take the time to build deep relationships with our customers, which creates mutual trust—a quality that is so important when considering the future and the life you want to live. Let us apply our decades of experience to help you navigate the often-complex territory of retirement planning. We actively collaborate with you, so you and your goals are always our focus.
As part of a community bank, we are committed to the well-being of our area and the people who live here. Part of this mission is the promise to go above and beyond to provide the best customer service and prudent fiduciary advice.
We have an array of resources geared toward equipping you with all the information you need to make the best decisions for you and your family. From quarterly “State of the Economy and Markets” reports by Adirondack Wealth Management Director and Senior Vice President Michael Brodt to a suite of financial calculators to tools like our Personal Financial Planning Guide, you have an arsenal of information at your fingertips.
Want to learn more about the value of retirement planning? Get in touch with our experienced team of wealth management advisors today.