Vishaw finANcial services

retirement income planning

Retirement income planning has become the new norm for most financial professionals. It’s a tried–and–true strategy that has helped people understand where exactly they’ll be by the time they reach retirement age. Given the swings of inflation, the concept has made it easier to answer the age-old question: how much do I need to retire?

However, not everyone knows exactly what it is. For years, most people have heard the strategy of saving your money, putting it into a retirement account, and trimming down your expenses by the time you reach your golden years. Income planning builds on this standard advice so that you have everything you need to get by — without giving up your current lifestyle.

How to Plan Your Retirement Income

When you think about your biggest source of regular income right now, your paycheck stub probably pops into your mind. Whatever that number is, retirement income planning aims to replace that paycheck however and wherever possible. When you’re retired, though, the strategy changes. All that money isn’t going to come from a single source.

A financial advisor at a boutique retirement firm can help guide you in the right direction. For instance, maybe you want to own a few more properties to generate more rental income, or you’ve long pictured your retirement to involve pouring wine during the summers of Northern California. Far beyond your standard answers like Social Security or pensions, your retirement income can be what you want it to be.

A financial advisor is there to give you information that will help you understand how your expenses will work during your retirement and how much you’ll have every month to cover them. At Vishaw Financial Services, you’ll also learn what it means to plan for even the worst economic downturns, so you’re never caught off guard. Whether you plan to live modestly or you have big plans to travel the world (or pay for your descendants’ educations), the right advisor can help give you the tools you need.

Long-term care

Long–Term Care insurance plans are designed to keep policyholders from having to shoulder the expense of a severe injury or illness. When people are saddled with a recovery period that’s going to last for weeks or even months, the cost of an assisted living facility or in–home care can end up eating into all of their savings.

People with long–term care can pay up to six times less than those without them (based on relevant data), but this isn’t the whole story. Because these policy payouts can reach epic heights relatively quickly, the cost of these policies can be an enormous expense in and of itself. If you’re interested in this protection plan, it helps to talk to someone who can put it into context with the rest of your retirement goals.

Health Insurance vs. Long–Term Care Insurance

You can expect your health insurance to cover straight medical expenses, like surgery or checkups. But what about all the extra help you might need afterward? Cooking, cleaning, hygiene: these are basic tasks that you might not be able to do. A Long–Term Care policy is typically paid either by the month or by the year and offers a predetermined amount for each day that the policy is used. They can last anywhere from a set period of time to a whole lifetime, depending on what the policyholder needs.

A financial advisor can tell you more about whether this asset fits into the rest of your portfolio. They can also tell you what you can expect from each policy and carrier. As you might imagine, these policies have changed a lot, as the costs of in–home aides and nursing homes have skyrocketed. While some policies offer real benefits, others might disguise hidden terms in their fine print. What you pay can depend on anything from your age to your family history, so it helps to talk to someone who can answer your questions about whether it makes sense to corner this particular asset.

investing

When people’s investment strategies can change so much over the course of their lifetime, it’s not always easy to think of your portfolio as a straight line. Younger people might be happy to take on big risks in exchange for big gains. They might get interested in a particular industry or asset and then decide to go all on it.

As people age, they might find themselves reining it all in, so they’re less likely to watch their retirement plans go up in smoke. At a boutique retirement firm, like Vishaw Financial Services, you can work with a financial advisor like Vishaw Sondhi who first takes the time to understand how different clients want to diversify their assets. From there, he finds opportunities that fit with their individual retirement goals.

The Need for Investment Advice

Valuable investment advice is more than just a few generic tips about the stock market. Because investments can come in shapes of all sizes, a financial advisor has to be willing to answer questions of every variety. For instance, let’s say the majority of your money is tied up in a variety of rental properties, but you’d ultimately like to give up your landlord duties by the time you reach retirement age. Or maybe you’ve been disappointed by the returns of your shares in the market as of late. Investing is more than just picking a few assets and then sticking with them. Ultimately, they have to evolve over time, so your retirement doesn’t get left behind.

Talking to a financial advisor means learning more about what you can expect from the markets, so they can work for you. Most of the time, this will mean exploring other avenues to make money. In other cases, though, it may mean dropping certain investments if there’s no clear need for them. You can trust the right financial advisor to talk you through the different choices as they arise. At no point will you make a decision where you’re uninformed about the consequences — even if you ultimately follow your own instincts.