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Retirement planning is the process of preparing for the day when you are ready to leave the workforce. Whether that means your 30s, 50s or 70s, there are steps you must take ahead of time to prepare a retirement plan that will allow you to live the life you envision.
You must have an end goal in sight to do effective financial planning. Your timeline will materially affect how aggressively you'll need to curb spending, save and invest to meet that goal.
While guidance previously suggested planning on up to 80% of your current living expenses for your post-working years, mounting evidence shows that retirees should expect up to 100% of their current financial needs.
Since your pre-tax investments will be taxable when you withdraw them, it is critical to have professional guidance for calculating the future tax impact on your overall financial plan.
Your advisor can help you determine how much risk you are willing to accept while still pursuing your retirement goals.
Safeguarding your estate from unnecessary taxes or lengthy probate in the event of your death is a crucial step in your overall financial planning.
It takes a wealth of experience to calculate future impacts of inflation and taxes while devising a plan that also fits your risk tolerance and retirement goals. Russell Wealth Management has the experience to help you. Contact us today to get started.