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Retirement Planning

Have you envisioned your retirement? How do you see yourself ? Possibly living comfortably, doing all of the things that you never seem to have the time or money to do now. Your dreams could be as lofty as traveling the world or as simple as spending more time with your family and friends. Everyone's vision is unique; but everyone needs to plan to make their vision come true.

At Total Resource Financial we believe there are five important aspects to consider when planning for Retirement:

  1. Lifetime Income Need - There is much uncertainty regarding the future of Social Security. But, even if Social Security is around when you retire, your benefits may not provide enough income for your retirement years. To make matters worse, fewer employers today are offering traditional pension plans to supplement Social Security. Figuring out how much income you will need during retirement and how to create that income is the most important step in any retirement plan.
  2. Social Security - It is imperative to explore all the  social security strategies available to determine when and how to turn on your social security benefits, as well as your spouse's.
  3. Health Care Needs - With life expectancies increasing, may people will spend up to one-third of their life in retirement. Health care prices keep rising and Medicare will not cover all expenses. Long-Term Care is becoming a key element of retirement plans because the related costs could potentially wipe out all of your savings and investments. 
  4. Tax planning – Of all the risks in retirement, the tax risk is one of the least understood. Most people focus on returns and income, without taking into consideration how that income will affect their tax liability. You need a financial plan that will allow you to keep more and pay less to the government during your retirement.
  5. Asset/Estate Protection - You've worked very hard to accumulate your assets. We are sure you do not want to see those assets disappear during retirement due to health care costs, inflation, lawsuits, longevity or taxes. It makes sense to create a strategy with your financial advisor to protect those assets during your retirement years, as well as determine how to distribute them to your chosen beneficiaries in the most efficient way when the time comes.

The time to start planning for retirement is NOW. Contact Yoanna Menendez at  or 813-571-1233 to discuss your retirement vision and/or concerns with a Total Resource Financial advisor today.

You only get one retirement - make it a great one!