Retirement planning is about securing a future that reflects your lifestyle and goals. With over 54 years of combined experience, Guy Weinhold, CFP® AAMS®, and his team at Edward Jones, including Stormy Burns, a Series 7 Registered Branch Associate, and Suzanne Naccarato, a Financial Paraplanner Qualified Professional, take a personalized approach to financial planning. From managing income streams to adapting to market shifts, they help clients stay prepared for the evolving financial landscape.
Here’s what you need to know to build a secure and sustainable retirement:
When planning for long-term income stability, what are some key financial considerations individuals should keep in mind?
When it comes to stability, a Source of Guaranteed Income certainly plays a role, such as Social Security, Pensions, and Annuities, to help cover the lion’s share of essential expenses. Rising Income Streams are very important to keep up with Inflation, taxes, and Longevity. Flexibility & Contingency Planning is also a critical component.
What strategies can help retirees effectively manage their savings and withdrawals to maintain financial security?
Retirees should have a budget that incorporates a sustainable withdrawal strategy and plan for the unexpected. The 4% Rule is one common way often cited and a good starting point. Inflation definitely needs to be taken into account. Retirees should also look at their asset’s allocation in terms of short-term, mid-term, and long-term needs and goals.
How do inflation, market fluctuations, and healthcare costs affect retirement planning?
Those are 3 Biggies! The best advice I can give is to have conversations with a Certified Financial Planner way before actually taking the leap to Full Retirement. Really understanding that there are going to be factors like those that you can’t control, but that you can prepare for and plan for. Knowing your Risk Tolerance as well as your Risk Capacity are crucial.
How can retirees structure their income in a way that supports their long-term financial goals?
Taxes will be the largest expense for most retirees. Taking a Proactive Planning Approach several years prior to retiring can make a huge difference over a 20-30 year retirement. This is where ASSET LOCATION makes all the difference. There are several major considerations and strategies that come into place, such as when to take Social Security, Roth Conversions, and Required Minimum Distributions.
As individuals prepare for retirement, what conversations should they be having with their financial advisor?
That’s a great question! It’s not all about the numbers. Most people take more time planning for a vacation than they do retirement. I can’t emphasize enough to talk about the emotional and psychological side. What would your perfect day look like in retirement? How about your perfect week? Perfect month? Don’t put the money bucket ahead of the Life Horse.
For those looking to take control of their financial future, Guy Weinhold, CFP® AAMS®, and his team offer guidance every step of the way. Learn more or schedule a consultation by visiting their Edward Jones office at 12700 Hill Country Blvd T-105, Bee Cave, TX 78738, or calling (512) 263-9499.
"The best advice I can give is to have conversations with a Certified Financial Planner way before actually taking the leap to Full Retirement." - Guy Weinhold, CFP® AAMS®