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Retirement Planning

Retirement Planning in Long Beach, CA | Randall Wealth Group

Retirement Planning in Long Beach, CA 

At Randall Wealth Management Group, we pride ourselves on being a small, family-owned firm. When we develop a new relationship, we look at it as lifelong and treat the client like family. It takes time to cultivate meaning and trust within the scope of the advisor/client relationship. All of our efforts are geared towards gaining the confidence of our clients through our ability to provide appropriate financial solutions to each area of their financial picture. Each client receives individualized care from our team of financial professionals. We specialize in retirement planning and investment services in Long Beach, CA. Our Retirement Planning Software creates a realistic projection of what an individual’s retirement will look like and identifies potential concerns.

What is Retirement Planning?

Retirement Planning is a process that evolves over time. As a person gets closer to retirement, some of the various considerations change. Planning for retirement begins with thinking about your retirement goals and how long you have to reach those goals. To have the retirement that you desire, you must plan how to have the financial foundation that will support it all. Planning for retirement might not be as exciting as you vision for but once you get there, it is imperative to plan ahead of time to ensure that you do get there with the resources needed to thrive. There are many different ways to save and plan for retirement, including various retirement accounts.

What Retirement Accounts Are Out There?

  • 401(k) – an employer-sponsored retirement savings account
  • IRA – an individual retirement savings account
  • Traditional IRA – an IRA funded with pre-tax dollars
  • Roth IRA – an IRA funded with after-tax dollars
  • 403(b) – retirement savings account for certain employees of public schools and other tax-exempt organizations
  • 457(b) – an employer-sponsored, tax-favored retirement savings account

What Should I Consider?

  • Timeframe – Factors such as your current age and expected age at retirement will affect your retirement planning. Someone closer to retirement age might have a more conservative investment portfolio due to lower risk tolerance. However, someone who has many years between now and retirement might have a healthy appetite for risk in their investment portfolio. As you age, your portfolio becomes more focused on income and capital preservation.
  • Spending Needs – It is imperative to have realistic expectations regarding your post-retirement spending needs. We consider unpaid mortgages, unexpected medical bills, and the fact that many retirees spend their beginning years of retirement traveling or splurging on other things they have put off until retirement. Creating spending goals and putting a plan into place helps to avoid outliving your retirement.
  • Investment Returns – Calculating the real after-tax rate of return assesses the feasibility of a portfolio’s ability to produce the income needed to sustain the kind of retirement lifestyle you are striving for. This is a crucial component of the retirement planning process.
  • Risk Tolerance vs. Goals – Portfolio allocation is a critical component of retirement planning. Finding the balance between risk and return to meet goals is imperative. How much risk are you willing to take to meet your goals? Are your goals realistic? What is comfortable for you?
  • Estate Planning – A well-rounded retirement plan includes estate planning. Proper estate planning includes insurance strategies. Help ensure that your loved ones do not inherit a financial burden. Proper planning outlines how your assets should be distributed, honors your wishes, and avoids lengthy probate.

Why Should I Use A Financial Advisor?

Although we have access to a wealth of information in this day and age, including financial information, it is essential to seek the advice of a knowledgeable professional. Why should you get a financial advisor involved? Part of the problem is that there is too much information available, and it can be pretty overwhelming for someone with limited experience in the world of retirement planning. Using a financial advisor to guide and teach you how to make informed decisions can help you avoid making costly mistakes in your retirement planning. No one wants to risk outliving their retirement plan. Help ensure successful retirement planning with a financial advisor in your corner. Call and make an appointment today.

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