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Retirement Planning Advisers
It can be daunting to start thinking about retirement without experienced help.
What do you do about your social security, and do you have enough funds in savings to support you and your loved ones? How much should you save? What about your investments, and how soon should you start planning in the first place?
There are so many questions that come with the idea of retirement planning that it can feel overwhelming enough that you stop planning altogether.
Retirement planning doesn’t need to wait until you’re a few years away. When it comes to the future, the sooner you start planning, the better.
By creating a path forward, you can ensure that you achieve your goals in life no matter the circumstances.
Womack Advisers is here to provide advice and get you started on the right foot with comprehensive wealth management and retirement services in Edmond, OK.
Talk to our professional retirement planners today to take the first step towards a happier life after your career.
The Importance of Retirement Planning
Retirement is something everyone looks forward to; no more work obligations, more free time, and the freedom to choose what you do in life.
While the freedom in retirement is a huge benefit, no more work means you no longer bring in an income while you’re still incurring basic costs.
Retirement planning is critical to ensure you have enough money to do what you want in life, once your career is out of the picture. No more running out of money, no more worrying over your finances.
A good retirement planner can help you get there with sound personal finance advice, giving you the answers you need for the future.
What are the Main Types of Retirement Plans?
There are two primary options that individuals choose for their retirement: IRAs (Individual Retirement Accounts) and 401k plans.
IRAs are sub-divided into traditional plans, and Roth plans. Both of these are similar in how they function but differ in their tax advantages.
401K plans are typically managed by your employer, allowing their employees to save a portion of their paycheck automatically, and depending on the type of plan, you can either pay your taxes upfront or remain tax-free until you retire.
Choosing a Retirement Planner You Can Trust
Retirement is a big move, and because of this, it can be difficult to look for a retirement planner; especially one you can trust to keep your best interest at heart. How do you know if they’ll recommend the right things to you for your situation?
Fortunately, there are a few ways you can sort out the truth behind which retirement planner is a good fit for you, and who won’t work out:
Understand the Fiduciary Standard.
Some professional advisers may recommend the minimum amount of investments for you, but this might not always be the right choice for your needs. Some investments are better than others, and it’s important to find an adviser who has your best interest at heart, beyond simple suitability.
At Womack Advisers, we pride ourselves in operating with your best interest in mind, which is why we take care to learn about your circumstances and needs before we start formulating a retirement plan for you.
Focus on Qualifications.
Ensure the adviser you choose is qualified to make the type of decisions you need. Determine whether they are a certified financial planner, how long they have been in business, and how much experience they have in the space; a little due diligence will take you a long way.
Womack Advisers has provided thousands of individuals like you with financial planning and wealth management advice for over 30 years in Edmond, OK.
Schedule a Consultation.
If your retirement planner is experienced and has a history of operating under the fiduciary standard, then it’s time to schedule a consultation. Once you’re able to talk to the planner, you can determine other factors of how well they suit your needs, such as how well you get along with their personality, and whether you feel comfortable sharing the shape of your financials with them.
Schedule your free, no-obligation consultation with one of Womack Adviser’s retirement planners today to start your journey to a better life.
"Personalized Retirement Planning Advice in Edmond, OK"
Retirement planning is a highly individualized practice, and you won’t get any benefit out of trying to utilize a cookie-cutter plan for everything.
You have individual assets, aspirations, and unique circumstances that can change what’s best for you, and that can be frustrating when trying to forge this new path alone.
Fortunately, you don’t have to create your retirement plan alone. It’s time to sit down with a retirement planner who cares about your goals, benchmarks, and needs, who can truly tailor your retirement plan to help you get what you want out of life.
Want to learn more about your habits around wealth and investments? Take our risk tolerance assessment here.
Sit down with one of the certified professionals at Womack Advisers today and you can experience caring support in a confusing time.
Our team is based in Edmond OK and serves the surrounding area; call in and schedule a no-obligation, no-cost meeting to see if we’re the right fit for your needs.
How Much Should You Save for Retirement?
The answer is different for everyone depending on the assets you have available, the estimated everyday costs you’ll incur, and the lifestyle goals you have during retirement.
Still, is there a specific amount that you should start saving for retirement?
There’s always an answer for your circumstances, but it’s difficult to capture that without analyzing individual needs.
As a rule of thumb, if you want to rely mostly on retirement savings for your source of income after 65, start saving 10-15% of your income pre-tax. The sooner you start saving, the better.
This savings, in combination with other factors such as investment accounts and social security checks, ensures that you can comfortably live through retirement without sacrificing your quality of life, so long as nothing unexpected happens to the account.
Remember that there is no such thing as a cookie-cutter number, and you should always discuss your savings amount with a retirement planner to ensure you’re saving enough for your circumstances.
Everyone has different needs, life expectancy, and circumstances around their retirement that will change the number.
Any generic numbers will take an average of many different factors such as life expectancy, average household expenses, location, and medical costs; few, if any, luxury expenses are taken into consideration.
Should You Rely on Social Security Alone?
Social security benefits are designed to replace nearly half of your income in retirement, providing you with a cushion to your retirement fund.
Unfortunately, if your retirement savings is smaller than you’d like when you turn in your resignation, then retirement might be a bumpier ride than you’d first expect.
Between healthcare costs and everyday expenses rising, it’s not advisable to rely too heavily on your social security income during retirement, and certainly not advisable to rely on it as a sole source of income.
There is always a concern that social security benefits could always be slashed and relying too heavily on this income can be a roll of the dice.
Ideally, other assets should be used to start bringing money in during retirement, such as stocks or other investments. These assets can be refined ahead of time to help you save more money and better prepare for the future.
Retirement planning can help you set up a straightforward path to consistent income during retirement that doesn’t leave you worried about whether your social security benefits will be enough to cover everything you want to achieve or expenses you need to cover.
Retirement Planning When You Need It Most with Womack Advisers
Retirement planning can help you achieve your dreams, but it can be difficult to take the first step with so many questions.
Womack Advisers is here to help you take care of the planning so you can enjoy more adventures, moments of laughter, and start checking those bucket-list items off.
No more stressful days mulling over paperwork and trying to figure out the best path forward yourself:
Let us help you handle the planning so you can start enjoying life in a new way, whether retirement is twenty years down the road, or five.
Our experienced advisers can help you plan around your concerns, discuss what to do with your financial assets, and help you enjoy the fruits of your labor over your career.
Give us a call today to schedule a no-obligation consultation session to talk about your options and see if we can help you further along the road to happiness and success through retirement.