Meeting Your Financial Goals and Preparing for Retirement

Retirement and reaching personal financial goals are things that often come hand-in-hand. The ability to do what you want with your day, instead of what you are required is a treasure . While retirement may seem like a far-off dream—it is essential to reach out to wealth management advisors to ensure that your retired quality of life is equivalent—or superior to your working years and help you achieve financial goals.

In a recent post by the Wall Street Journal a few retirement myths were uncovered—all of which highlight why seeking out wealth management advisors is more important now than ever.

Retirement Myth #1 Social Security Will Not Be Enough

While you invest in Social Security your entire working years, it is designed to be supplemental income—not primary income. The average retired individual receives $1,294 per month from Social Security. Even if you have no debt, this is not enough to cover living expenses and healthcare costs—let alone extracurricular activities. This is one of the many reason why finding an advisor to guide you in your finance portfolio management is essential.

Retirement Myth #2 You Will Generate Supplemental Income In Retirement

Many retirees plan to work part-time in retirement, both for secondary income, and to occupy their time. However, the job market is fierce, leaving only 27% of retirees working part-time. While some retirees may be able to find barter positions—such as volunteering at the golf club in exchange for free golf, earning and actual paycheck is something entirely different.

Retirement Myth #3 You Will Visit Your Second Home With Greater Frequency

Many purchase a second home with the plans to spend part of the year in each home one in retirement. However, experienced wealth management advisors find that most retirees find their second home to be little more than a hassle. As you age factors such as health, finances, and family obligations often leave visiting the second home difficult to achieve. Instead, the secondary home becomes another asset to maintain and upkeep—in other words more stress.

Retirement Myth #4 You Will Require More Money Than You Think

Even if you excel in managing your finances during your working years, estimating what you will require on a monthly basis once you have retired is likely to cost more than you estimate. This is due to factors such as inflation, the increased need for medical care, and Medicare covering far less than you expected. By seeking out a professional to assist with your finance portfolio management—you can generate a realistic retirement budget.

Wealth management advisors will open your eyes to the many retirement myths, such as the ones mentioned above. They will provide you with options you may be unfamiliar with for your finance portfolio management—and will create a solid plan of action to help you achieve your financial goals. Arrange a meeting with the wealth management advisors at Lighthouse Financial Planning and start on the road towards reaching your financial goals and achieve piece of mind.

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