Is the thought of retirement sending jitters your way?

With global uncertainties looming large and domestic issues intensifying in an election year, it’s natural to feel uneasy. Add a volatile stock market to the mix, and it’s enough to disrupt any sense of calm. To alleviate your concerns, we present a roadmap: Four Do’s, Four Don’ts, and One Never.

Do #1: Calculate Your Required Retirement Income

Understanding your financial needs in retirement is critical. Start by evaluating the income you’ll need and compare it with your expected Social Security and pension benefits. To bridge any gaps, consider investment opportunities. Our RetireSimply income plan is crafted to ensure your retirement is as enjoyable as it should be.

Do #2: Safeguard Your Savings

The key to a worry-free retirement is not running out of money. To prevent this, it’s essential to shield a portion of your funds. Avoid unnecessary risks—once you retire, you may not have the luxury of time to recover from financial setbacks.

Do #3: Plan for Healthcare Costs

People are living longer, which often translates into increased healthcare needs. With the cost of medical care skyrocketing, planning for these expenses is non-negotiable. Ensure your retirement plan addresses this looming challenge.

Do #4: Schedule Annual Strategy Sessions

We’re not talking about a mere yearly review. What you need is a forward-looking strategy session with your retirement planner. This proactive approach helps adjust your retirement plan to keep you on course.

Now, the don’ts…

Don’t #1: Disregard Inflation

Inflation is a silent budget eater. It can steadily deplete your retirement funds if you’re not prepared. Make sure your retirement plan is inflation-proof.

Don’t #2: Neglect What You Can Control

Taxes, fees, and risk management are within your grasp and can significantly impact your retirement. Take control of these factors to secure your financial future.

Don’t #3: Misjudge the Impact of Income Taxes

In retirement, it’s not just what you earn but what you keep. Annual tax planning is critical to maximize your retirement income.

Don’t #4: Fumble Your Social Security Filing

A staggering 96% of Americans err when filing for Social Security, which can cost an average of $111,000 throughout retirement. Don’t be part of that statistic. Seek expert guidance.

And the one never.

Never Rely on the Next ‘Hot Tip’

Investment tips from friends and family may be well-intentioned, but they’re not always suited to your financial situation.

At Eric Scott Financial, we understand that a one-size-fits-all approach doesn’t work for retirement planning. Our Financial House process considers all these factors and more to create a financial plan tailored just for you.

Ready to take the next step? Call us at (435)773-9444 to schedule a complimentary consultation. That could be the most valuable investment of your time yet.