Saving for retirement in today’s economy can be a monumental challenge. This is especially true if you’ve just finished paying for the kids’ college education, weddings, or helped with a first home down payment. There is still a promise of success and a few of these strategies may help to make up a retirement shortfall. During our 4 step meeting process we can assist you in evaluating the value of these actions in your particular situation.

  1. Let’s make sure your assets are performing effectively. We will identify your lowest performing assets and the fees associated with them. Conservative investments like CDs (certificates of deposit) and savings accounts provide safe, reliable sources of income, but probably will not keep up with inflation. On the flip side, assets with increased returns come with greater risks. We have tools to help determine how much (if any) risk you can afford and are willing to take at this time in your life.
  2. Let’s thoroughly review your retirement budget. In addition to the more common expenses you need to consider future expenses regarding meeting medical expenses, housing costs, and, of course, travel and entertainment.
  3. Move to a more affordable location. You may free up additional retirement capital by lowering your housing, utility, and insurance costs.
  4. Do not overlook other resources on your balance sheet. Among these untapped sources could be:
    • Highly appreciated non-income producing assets such as stock or real estate. Careful planning may convert these assets to be income producing.
    • Your valuable collectibles. Specialty items such as antiques, dolls, stamps, or a coin collection can be converted to cash, but only if you feel you can part with them. Evaluate what their worth may be in your retirement years.
    • Your home equity. If you own your home free and clear, a reverse mortgage could provide you with access of up to 80% of your home value.
  5. Consider delaying retirement. Each year you wait reduces that shortfall and gives you the chance to increase savings.

There are always actions you can take to deal with a shortfall. You need to determine what is the best plan of attack for your situation and put it into effect. If you start now (it’s never too soon), the road to retirement will be smoother and any shortfall will be smaller or even nonexistent.

Our Custom Retirement Paycheck Plan shows how to protect your retirement from the risks of unexpected market swings, tax changes, and health care expenses using a mathematically tested strategy to create lifetime income allowing you to stop worrying about outliving your money and get on with enjoying the rest of your life.

Let us show you in black and white a custom retirement income plan that is comprehensive, individualized and based on strategies that balance growth with downside protection. Get your Custom Retirement Paycheck Plan now

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Give us a call at our Charlotte office at (704) 248-8549, or our Clemmons office at (336) 391-3409. Or, click here to request a no-cost, no-obligation meeting.

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