Heading into Retirement? Here is your must-know information.

Cincinnati financial planning
There’s a popular saying, “You don’t know what you don’t know.” But when you’re heading into retirement, you need to be prepared with several essential pieces of information. Wealth Planning Corporation can make sure you know what you need to know. Here’s our list of must-have information upon retirement:
  1. Your Balance Sheet: A balance sheet is an important tool for retirement planning because it provides a snapshot of your financial situation at a given point in time. A balance sheet lists your assets, liabilities, and net worth, which can be used to determine your financial health and make informed decisions about retirement.
  2. Insurance Coverage: Proper insurance coverage can provide peace of mind when it comes to medical expenses, which increase as we age. It also serves as a form of income replacement in the event of death or disability of a loved one or yourself. Insurance can also help protect your home and where you will be living out your retirement years. Making sure you have proper coverage for your needs–and not too much or too little–is essential for retirement planning.
  3. Composition of Investment Accounts: The composition of investment accounts is an important consideration for retirement planning because it can impact your risk and return, investment strategy, tax bill, and purchasing power over time. By diversifying your portfolio, taking into account your time horizon, and considering tax implications and inflation, you can help ensure that you have a well-balanced investment strategy that supports your retirement goals.
  4. Social Security Details: Social Security is often a significant portion of your retirement income and can help ensure a basic level of financial security in retirement. The timing of your Social Security benefits may also impact how you plan your retirement spending.
  5. Your Spending Plan: A spending plan helps you prioritize your expenses and identify areas where you may need to cut back. This can be particularly important if you have limited retirement income or unexpected expenses arise. By identifying your essential expenses, such as housing, food, and healthcare, you can ensure that these needs are met before considering non-essential expenses.
Many of our Discovery meetings focus on the question: Can I (or when can I) retire? The answer is different for each individual or couple, but the information to make a decision is similar: when will your planning and preparing allow you to retire with sufficient assets? With financial planning we guide families into and through retirement. If you have questions, connect with our team today!


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