Your Top Retirement Planning Questions Answered

Insights from Colorado’s Leading Financial Advisors

Retirement planning can be complex and overwhelming, especially for high-net-worth individuals. In this article, we’ll answer some of the most common questions we receive about retirement planning.

What is a good retirement income?

A “good” retirement income depends on your individual lifestyle, health, location, and personal goals. As a general rule of thumb, aim to replace 70-80% of your pre-retirement income to maintain your standard of living. This is one service we provide at Destiny Capital: we help optimize your income sources to ensure your savings last throughout your retirement years.

What are the three major income sources in retirement?

The three primary income sources for most retirees are Social Security benefits, employer-sponsored pensions (if available), and personal savings and investments, such as 401(k)s, IRAs, real estate, and taxable accounts. As you can imagine personal savings and investments these days play a large role in retirement income strategies. A financial advisor can help you maximize these income streams, minimize taxes, and develop a sustainable withdrawal strategy.

Who is the best person to talk to about retirement?

When planning for retirement, work with a qualified professional who specializes in this area. Look for a certified financial planner (CFP®) or a registered investment advisor (RIA) with experience guiding clients through the retirement transition.

Do I need a financial planner when I retire?

Working with a financial planner is especially important during the transition to retirement. A retirement planner can help you make decisions, such as when to claim Social Security, how to minimize taxes on your distributions, how to best plan for Medicare, and how to ensure your investments align with your risk tolerance and income needs.

What services does a financial advisor provide, and how can they help me achieve my financial goals?

Financial advisors offer a range of services tailored to individual needs, including retirement planning, investment management, tax planning, income planning, cash flow planning, estate planning, and risk management. At Destiny Capital, we work closely with our clients to develop personalized strategies to help them achieve their financial objectives and live their most Remarkable Retirement.

Should I move my 401(k) to a financial advisor?

Transitioning your 401(k) can offer several advantages, such as access to a wider range of investment options, active monitor and management, and personalized advice. However, the decision depends on your unique situation. Destiny Capital can help you evaluate your options and determine the best strategy for your retirement savings.

 At what net worth should you get a financial planner?

While there’s no one-size-fits-all answer, individuals and families with $1 million or more in investable assets often benefit from working with wealth management firms like Destiny Capital. At this level of wealth, investment management, tax planning, and estate planning can be more complicated. 
Planning for life after you quit working can be tough, but you don’t have to do it alone. Destiny Capital’s team of seasoned wealth managers and financial planners can help you build a comprehensive plan for a remarkable retirement.
Click here to send us a message!

Similar Posts