How a Fiduciary Can Better Prepare Pre-Retirees

As many individuals near the age of retirement, ensuring that they have enough money to support their long-term retirement goals can feel overwhelming. Preparing for retirement is a taxing job, and without proper guidance, you may struggle to retire with the financial resources you both want and deserve. Here, wealth planning professional Peter O’Neill of Fiducium Wealth Planning discusses how a fiduciary can better prepare pre-retirees so that you can enjoy your retirement without financial burden. 

Fiduciaries Clarify Recent Changes That Have Affected Retirement Planning 

The year 2020 has brought a myriad of changes to the retirement planning process, including the passing of The Secure Act, higher contributions to 401(K) plans and the expected passing of the Social Security 2100 Act. These changes provide accessibility of retirement savings, the potential for increased contribution from your company and future access to Social Security by gradually raising the payroll tax. With all of these recent changes, confusion may arise for pre-retirees, who have likely been planning for retirement under different expectations. Seeking the help of a qualified fiduciary, such as Peter O’Neill of Fiduicum Wealth Planning, can help you figure out the best course of action to ensure that you are adequately prepared for retirement in the coming years. 

Fiduciaries Guide You Through All Aspects of Retirement

In addition to discussing how recent changes may affect your retirement, a fiduciary is a great resource to help guide you through the various stages of retirement planning, including financial decision making in regards to pensions and investments. As you build your wealth, various personal and investment accounts have likely grown, requiring you to properly allocate your finances after retirement to ensure you remain comfortable. Working with a fiduciary provides the chance to discuss the state of your portfolio and create positive habits to maintain financial health after retirement. Through working with a fiduciary, you will be able to gauge the return on your investments, what income you are likely to have and how you can rearrange your accounts to provide maximum value. 

Fiduciaries Provide Planning for the Long-Term Future

Not only does working with a wealth planning professional give insight into preparing for your short-term retirement goals, it helps you create, maintain and execute a plan for long-term financial care. Discussing options for your mortgage, investing in long-term care insurance and adjusting your life insurance policies are all areas that a fiduciary can provide aid in. You have worked hard for the money you have, and helping you reap the benefits from that is our top priority. Fiduciaries help guide you through the complexities of retirement planning at all stages, and work to ensure that you are not only prepared for your early years of retirement, but remain financially sound as you continue to age. 

Discuss Your Retirement Options with the Dedicated Financial Planners at Fiduciam Wealth Planning

When preparing for retirement, taking the necessary steps to make the most of your money is important. At Fiduciam Wealth Planning, that’s just what we specialize in. We work with our clients to establish a beneficial financial plan, evaluate the client’s current financial status and help them make the best decisions for their retirement. To learn more, contact our Towson office today.