What Does a “Lasting” Retirement Plan Mean?
When you envision your retirement, it’s important to think about where you’ll be, what you’ll want to do, and how many years you can expect to live. A solid retirement plan covers more than the first few years after you stop working; it addresses how your income will come in and how you’ll maintain the lifestyle you want. It starts with knowing your goals and then building a strategy around them. It also means planning for the three phases of retirement: the “go-go” years, the “slow-go” years, and the “no-go” years.

Have You Thought About the Risks Ahead?
No retirement goes without risk. There are several key risks that can derail even a great-intentioned plan. Some people live longer than they expect, which means those dollars you saved up must stretch even further. Inflation and rising costs for things like healthcare and housing can chip away at savings. Markets don’t always behave as hoped, affecting investment returns and the value of what you have saved. Consider these factors today so you’ll be better prepared for any surprises that may come.

Am I Relying on More Than Just Saving and Hope?
Saving up for retirement is a vital step, but it isn’t the whole story… You need a clear plan for how you’ll turn your savings into a steady stream of income once you retire. This means deciding when to begin withdrawals from your 401(k), IRA, etc., which accounts to tap first, and estimating how much you’ll need each year. You’ll want to consider tax rules, Social Security, investment choices, and how your spending habits may change. You also need to think about how to space out withdrawals, so you don’t deplete your savings too soon. A strategy that shows how your savings will work for you over time is stronger than one that simply focuses on building a large balance.

Is My Plan Flexible and Diversified?
Life rarely follows a perfect script and neither do markets. If your plan is stuck in one narrow path or all your eggs are in one basket, you may be exposed when things veer off course. Diversification across investment types, income sources, and timeframes makes your plan more resilient! Flexibility means you can adjust when your goals change when unexpected costs arise or when conditions shift.

Am I Reviewing and Adjusting Along the Way?
A good retirement plan is not something you set once and forget. As you get closer to retirement or as you move through it, things will change: your health, your goals, your general life situation, etc. It’s wise to check in regularly with a professional (perhaps annually) or after major life events to make sure your assumptions still hold and your plan is still aligned with your needs. Regular adjustments help keep your plan strong and built to last.

Visit Wealth Management to learn more and to connect with us about your personal financial situation. 

DISCLAIMER:

Because investor situations and objectives vary this information is not intended to indicate suitability or a recommendation for any individual investor. This is for informational purposes only, does not constitute individual investment advice, and should not be relied upon as tax or legal advice. Please consult the appropriate professional regarding your individual circumstance. Product guarantees are based on the claims-paying ability of the issuing company and assume compliance with the product’s benefit rules, as applicable. There are retirement account risks that could diminish investor returns, such as, but not limited to: low interest rates, market volatility, withdrawal timing and sequence of returns risk, government policy uncertainty and increased longevity. Prospective investors should perform their own due diligence carefully and review the “Risk Factors” section of any prospectus, private placement memorandum or offering circular before considering any investment. Advisory services offered through Asset Strategy Advisors, LLC (ASA), an SEC registered investment adviser. Insurance services offered through Asset Strategy Financial Group, Inc. (ASFG). CIS, ASA and ASFG are separate companies.

Products and services made available through Asset Strategy and Concorde Investment are not insured by the FDIC or any other agency in the United States and are not deposits or obligations of, nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.