(704) 236-6615 scott@southernwa.com

Retirement Planning

How to potentially avoid running out of money in Retirement

 

How to potentially avoid running out of money in Retirement

Planning for retirement has never been easy, but in recent years, it’s become increasingly difficult. Chances are, you’re not covered by a defined benefit pension plan at work that provides known income payments at retirement. These plans have largely been replaced by 401(k) or other defined contribution plans that require you to determine:

  • How much of your compensation you can afford to contribute
  • Where to invest contributions
  • Whether the savings you amass will be enough to last the rest of your life once you actually retire

In short, the responsibility of planning for retirement has fallen on your shoulders and the decisions you make today will greatly affect your ability to lead the kind of retirement you hope to achieve someday.

The challenges you face when making these decisions, however, go far beyond how to accumulate assets during your working years.

Our goal at Southern Wealth Advisors is to address the most critical issues to pursue a successful retirement plan and to provide you a new framework to structure your retirement planning efforts and adjust them as necessary through life’s stages.

Structuring a Well-Rounded Planning Approach

We believe that a successful retirement planning strategy must meet the following criteria:

  1. Your plan should be customized to reflect what you care about most. It should address both the goals you hope to achieve and the risk of outliving your assets.
  2. Your plan should address the shifting nature of issues and unknowns you face at different stages of your life
  3. Your plan should consider risks beyond market volatility— inflation, for example—that can make expenses more difficult to meet.
  4. Your plan should seek to mitigate judgment and behavioral risks such as panic selling in difficult markets or overspending.
  5. Your plan should seek to minimize taxes and fees
  6. Your plan should evaluate the suitability of hedging products such as annuities or other strategies that seek to reduce the risk you won’t have sufficient income at retirement.
  7. Your plan should be responsive to changes in both your life and the financial markets.

Retirement Planning Is More Crucial Than Ever

Retirement issues are a major source of concern today. Longer life expectancies mean your retirement may last nearly as long as your career, and rising health care costs may make your retirement increasingly expensive. Meanwhile, the uncertain future of Social...

How to Distribute and Preserve IRA Assets

The focus on retirement accounts is shifting Yes, it’s still important to make regular contributions to take advantage of tax-deferred growth potential, and it’s important to maintain an asset allocation* to help you minimize your risk. But for those people nearing or...

Do You Know Where All Your Retirement Savings Are?

The case for consolidating your retirement accounts only grows more compelling over time. A Traditional IRA here, a rollover IRA there, four job changes (so far!) and three retirement plan account balances left in the plans of former employers… If this describes your...

Can You Borrow From Your IRA?

You're right that you can take a five-year loan from many 401(k) plans without penalty as long as you pay it back on time. An IRA doesn't have a similar loan provision, but you can access money from your IRA for a 60-day period with what is considered a...

10 IRA Traps to Avoid

Don’t let the complexity of these powerful retirement savings tools trip you up Our experience has shown us that clients can miss opportunities, fail to take advantage of their options, or inadvertently get into trouble when it comes to their individual...

The Southern Wealth Advisers' Guide to Retirement Planning

 

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Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Independent Advisors Alliance, a registered investment advisor. Southern Wealth Advisors and Independent Advisors Alliance are separate entities from LPL Financial.

The LPL Financial registered representatives associated with this site may only discuss and/or transact securities business with residents of the following states: North Carolina, South Carolina, Florida, Michigan, California, Arizona, and Virginia.

Southern Wealth Advisors
18716 W Catawba Ave
Cornelius, NC 28031
(704)-236-6615