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Retirement

Planning for a Secure and Fulfilling Retirement: Guidance from Signature Financial Advisors

Planning for a Secure and Fulfilling Retirement: Guidance from Signature Financial Advisors

At Signature Financial Advisors, we understand the importance of Planning for a secure and fulfilling retirement.  Determining when you are ready to retire is a deeply personal decision that hinges on several important factors. Your estimated retirement duration, anticipated expenses, and available resources all play a crucial role in shaping your retirement strategy. With today’s increased life expectancies, individuals retiring at age 65 can expect, on average, to live another 20 years. However, many will live well beyond that milestone; for instance, 33% of women retiring at 65 are expected to reach age 90. To ensure your financial security, we recommend planning for a life expectancy of up to 100 years, unless family history suggests a longer time frame .

Social Security

Social Security is a foundational component of retirement income. Your monthly benefit is determined by your income, work history, and the age at which you begin claiming benefits. The Social Security Administration provides estimates based on your earnings record, and these projections become more accurate as you approach retirement. It’s important to note that the age at which you start receiving benefits has a significant impact on your monthly payment. For example, someone eligible for $2,000 per month at age 67 could increase their benefit by $1,080 per month by waiting until age 70 to begin receiving payments. Delaying Social Security can be a powerful strategy for maximizing your retirement income.

Building a Strong Financial Foundation

 

In addition to Social Security, pension plans, and personal savings, help build a strong financial foundation. Most people invest retirement savings in a 401(k), IRA, or personal investment account to seek higher returns than bank deposits. The right investment mix varies based on individual needs, circumstances, and risk tolerance. At Signature Financial Advisors, we believe it is wise to review and test portfolio performance regularly.

Finally, retirement readiness involves more than finances alone. The decision about when to retire also depends on personal goals and what you want this next chapter to include. Some individuals choose to work part-time in retirement. The added income and benefits can increase flexibility and may allow for an earlier retirement than originally planned.

Discover our financial experts Liebe Miller and Sam Dodson

We are committed to helping you navigate the complexities of retirement planning. Helping you balance financial security with your personal aspirations, all the while ensuring a fulfilling and comfortable retirement.

Disclosure

The above material does not constitute accounting, legal, or tax advice. You should consult the appropriate professional to discuss your particular situation.

Investment Advisory Representative of Signature Financial Advisors. Signature Financial Advisors is affiliated with Signature FA, LLC, a Registered Investment Advisory firm in the State of Texas.*

Advisory services are only offered to clients or prospective clients where Signature Financial Advisors, LLC and its representatives are registered, licensed or exempted.*

 

*Registration does not imply a particular level of skill or training

 

Retirement

Building Your Retirement Roadmap: Identifying Sources and Meeting Your Lifestyle Goals

Building Your Retirement Roadmap

Identifying Sources and Meeting Your Lifestyle Goals

Every effective retirement plan begins with a clear vision of your future, regardless of how murky it may seem. Before we dive into the numbers, we take time to help you imagine your ideal retirement. Do you see yourself traveling the world or enjoying the comforts of home? Are you drawn to a simpler lifestyle?  Do you picture indulging in luxury? Consider whether you want to remain in your current home or move closer to family and friends. There are no right or wrong answers. Your retirement vision is personal and may evolve over time. Reflecting on these questions now is essential to understanding the true costs of your preferred retirement lifestyle, the resources you’ll need to achieve your goals before and during retirement, and the strategies necessary to build your nest egg. Building your retirement roadmap, identifying sources, and meeting your lifestyle goals is the formula for success.

Customized Plan

Once we’ve clarified your goals, the next step is to estimate how much income you’ll need. Start by creating a spending plan based on your current expenses, then we will adjust for inflation, tax implications, anticipated lifestyle changes, and the likelihood of increased expenses for leisure and travel. Think about how your spending habits may shift as you approach retirement. While a customized analysis will provide the most accurate estimate, a general rule is to plan on replacing close to 100% of your current annual income in retirement. We, as advisors, will assist you in a customized projection, not just assume you will be spending less at retirement.

Equally important is understanding where your retirement income will come from. Most retirees draw from a combination of sources, including Social Security, which provides a small foundation of guaranteed income based on your work history.  Medicare is not considered an income source, but it may help cover some healthcare costs. It is important to include out-of-pocket expenses and supplemental insurance in your spending plan.

Employee retirement savings plans such as 401(k) and 403(b) accounts allow you to save pre-tax dollars for retirement, while defined benefit plans (traditional pensions) pay a set monthly benefit with no inflation. Defined contribution plans like 401(k)s depend on contributions and investment performance. Personal savings—including IRAs, brokerage accounts, and other investments—also play a critical role. Reviewing all your potential income sources will help you determine whether your projected income aligns with your retirement goals. If there’s a gap, you may need to adjust your savings or spending strategy. Significant lifestyle changes may require you to update your estimates. It is essential to regularly review and refine your retirement plan—especially as your retirement date approaches and beyond.

Discover our Experts Liebe Miller  and  Sam Dodson

Disclosure

Investment Advisory Representative of Signature Financial Advisors.

Signature Financial Advisors  is affiliated with Signature FA, LLC, a Registered Investment Advisory firm in the State of Texas.*

Advisory services are only offered to clients or prospective clients where Signature Financial Advisors, LLC and its representatives are registered, licensed or exempted.*

 

*Registration does not imply a particular level of skill or training.

 

The above discussion of some possible tax strategies does not constitute tax advice. Signature Financial Advisors does not give tax advice. You are encouraged to consult with your own tax advisor who can assist you with your unique personal situation.

 

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