Retirement Planning | Webb Investment Services

{ RETIREMENT PLANNING }

What is Retirement Planning?

Retirement is a big goal. In fact, it’s at the top of the list for most people when they are saving money. However, what it looks like and how you get there is a very individual solution. You need someone who fully understands where you are now, where you want to be, and what it will take to get there. At Webb Investment Services, we are your partner every step of the way.

At Webb, we specialize in helping you take the appropriate actions and make smart decisions to meet your retirement goals. This is why every relationship starts with a financial plan. We want to understand where you are, where you are headed, and how we can help you get there. Financial plans aren’t done once and never revisited, we continue to update and review your plan as your life progresses, ensuring that we can deliver the best advice for your unique situation.

There are many aspects of planning for retirement including:

Identifying all your sources of income
Estimating your future expenses
Implementing a savings and investing program
Managing your investment assets
Determining the most tax-efficient means of generating cash flow in retirement
Deciding when to claim Social Security benefits

Planning for Your Retirement

FAQs

There is no set age for retirement. What you really need to know is do you have enough money to maintain the lifestyle you want once you no longer have employment income. Remember, this could be 30 years or more. Income in retirement could include retirement savings, income from Social Security, pensions, annuities, and other sources like rental properties. Having a financial plan in place can help you understand how they all work together and what savings you will need to fill in any gaps.

This answer varies from person to person. The amount you need really depends on your goals, the assets you have accumulated, and your sources of income in retirement. Other factors to consider when planning for retirement are:

The rate of inflation
The impact of taxes
Your current income
Income increases in the future
What you have already saved and what you can save up until retirement
Your desired lifestyle in retirement (including health care, housing, travel, and entertainment)

Most people don’t want to think about the end of their life, but not considering it can be a costly mistake. More than 68% of people turning 65 will need some Long-Term Care (LTC) services in their lifetime, but only 7.5 million Americans have long-term care insurance as of January 2020*. LTC costs can be very expensive, in fact, the median monthly cost of LTC in the US is: $5,148/mo ( $61,776/year) for in-home care, $4,500/mo ($54,000/year) for Assisted Living, and $9,034/mo ($108,408/yr) for Skilled Care (Nursing Home)**. Depending on how long you need care, this can use up your assets rapidly.

Having LTC coverage can help to mitigate these costs and also leave some of your retirement funds for your spouse or loved ones when you are gone. Having LTC coverage can also help to protect those you love from the burden of your care. There are many options today that provide some form of LTC coverage as additions to other coverage. Your financial advisor can help you to determine which LTC coverage fits your situation best.

Important Note: it is best to plan early, before you have chronic conditions that could disqualify you from coverage!

Sources:

* https://www.jrcinsurancegroup.com/long-term-care-statistics/
** https://www.genworth.com/aging-and-you/finances/cost-of-care.html

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Any opinions are those of Laura Webb and Faith Doyle and not necessarily those of Raymond James. This material is being provided for informational purposes only and is not a complete description, nor is it a recommendation.

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Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.