Have You Sown the Seeds for a Bountiful Retirement?December 1, 2016
By Jeremy Reif, CRPS®, Financial Advisor and Owner of Point Wealth Management
As the leaves turn brilliant colors and the weather cools, harvests are underway across the farmlands of America. The bounty that will be headed toward our tables is the result of seeds sown months before.
This is an excellent reminder that, in order to reap the rewards of a bountiful retirement, you need to plant the right seeds in advance.
This is a critical issue for baby boomers, as the results of a 2016 survey on retirement readiness (by PNC Bank) revealed:
- 83% fear health care costs will be too high in retirement.
- 55% worry their savings may not last as long as they will.
- 74% haven’t reached the $1 million in retirement savings, although they expect to need at least $1.3 million to retire comfortably.
So what seeds should you sow now to ensure you are not part of those worrisome retirement (un)readiness statistics?
Prepare, Prepare, Prepare
“Due to advances in medical science, life expectancy is increasing, and people are facing the prospect of spending more time in their non-earning, retirement years,” says Robert R. Johnson, president and CEO of The American College of Financial Services.
Many of us are going to live longer, and we need strategies to surmount the potentially heavy cost of medical care…to protect ourselves and our families.
While traditional long-term care insurance has its drawbacks, there is a new wave of hybrid insurance products that could be financial lifesavers when you need it most. You can research these online or save time and schedule an appointment to see me.
Create a Harvest Plan
If you don’t have millions stowed away for retirement (or even if you do) you need to review all your assets and see what changes you might need to make.
Knowing your current assets and anticipated Social Security income, Point Wealth Financial Planning can craft a plan to ensure you maximize your Social Security benefits and retirement income with a detailed income plan and optimized claiming strategy. Will your Social Security income be enough? Together we can explore other scenarios and opportunities custom to your unique needs.
Having helped many clients reap the reward of a bountiful retirement, we are happy to help you:
- update the retirement plan that we created for you
- provide a second opinion on a plan created by someone else or
- begin the process of planting productive strategies for your financial future.
About Jeremy Reif, CRPS
Jeremy Reif is an independent financial advisor with more than a decade of experience in the financial services industry. He is also the owner of Point Wealth, LLC, an independent fee-only financial planning and investment management firm. With advanced credentials and training in retirement planning and financial planning, Jeremy specializes in helping individuals and families pursue financial independence. Regardless of the services he’s providing, he focuses on talking openly about financial planning, the industry, common questions about retirement planning, and more to help everyday investors gain more confidence in their financial opportunities. Based in Wausau, Wisconsin, Jeremy serves clients throughout the state and can work virtually with clients throughout the country. To learn more, visit http://pointwealthmanagement.com and connect with Jeremy on LinkedIn.
Securities offered through TCM Securities, Inc, member FINRA/SIPC. Investment Advisory Services offered through Retirement Wealth Advisors, (RWA) a Registered Investment Advisor. Point Wealth Management, TCM Securities, Inc. and RWA are not affiliate