Save Your Retirement Plan With This Proven 3-Step System (2024)
How to save your retirement plan in 2024.
In this video, Anthony Saffer goes through a 3-step time-tested process that can save your retirement plan.
In this video, Anthony Saffer delves into the common concern of delayed retirement planning. He introduces a proven three-step system to strategically “save your retirement” and ensure a rock-solid financial foundation.
Step 1: Take Stock of Your Financial Landscape
Retirement planning is similar to embarking on a road trip, and it’s important where you start. It;s important to meticulously assess your financial standing,. this can be done by listing assets, debts, and income sources. This comprehensive snapshot forms the basis of a net worth and income statement, offering clarity on your current financial landscape.
Step 2: Define Your Retirement Goals
Just like planning a vacation, it’s important to know your destination. In the context of retirement, this involves determining your desired lifestyle and spending goals. We have a simple spreadsheet to help individuals estimate their living expenses, encouraging them to “save your retirement” by factoring in income, savings, taxes, debts, insurance, and charitable contributions.
Download the Spreadsheet Here.
Step 3: Create a Comprehensive Retirement Plan of Action
Lastly, the way to “save your retirement” is by breaking down the components of a successful retirement plan. Starting with Retirement Income, you want to do strategic planning for your Social Security, pension, and monthly income needs.
The second component, Taxes, involves planning to minimize lifetime tax bills through strategies like Roth conversions and charitable giving.
The third component, Risk Management, addresses life and disability insurance, long-term healthcare, and estate planning.
Lastly, the Investment Plan is discussed, emphasizing the importance of aligning investment strategies with specific goals and considering tax implications to effectively “save your retirement.
Conclusion:
A well-crafted retirement plan, presented concisely in a one or two-page document, can serve as a Northstar for financial decisions. For those feeling overwhelmed or lacking time, this is where an advisor makes sense, the benefits of having a financial advisor who can use advanced planning software to visually guide individuals toward a successful retirement.
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This does not constitute an investment recommendation. Investing involves risk. Past performance is no guarantee of future results. Consult your financial advisor for what is appropriate for you. Disclosures: https://onedegreeadvisors.com/solutions/#disclosures
