How to Jumpstart Your Retirement Planning
Retirement planning can feel overwhelming, especially after decades of hard work and diligent saving. With so much to consider, how can you ensure your money lasts as long as you do? The good news: a clear, focused approach can keep you on track to a rewarding retirement. So, where should you begin?
In this week’s Better Money Boston with WCVB Channel 5, Nicholas J. Colantuono, CFP® shares how to navigate this crucial phase of life, including where to focus first and why having the right guidance is essential.
Start With a Financial Inventory
Before diving into any complex strategies, the most important step is to take a comprehensive inventory of your finances. After working and saving for 30 to 40 years, your assets have likely been spread across multiple accounts and institutions, like brokerage accounts, 401(k)s, and IRAs. Understanding exactly what you have, where it’s located, and how it’s allocated provides a clear foundation for beginning the retirement planning process.
Have a Plan to Replace Your Paycheck
One of the biggest shifts in retirement is no longer having a regular paycheck coming through the door. While expenses like mortgage payments, groceries, and utilities don’t stop, your steady income does. It’s important to have a sustainable income plan that outlines how you’ll replace your paycheck in a way that’s both market-efficient and tax-efficient. That income may come from Social Security, pensions, retirement accounts, or your own personal savings.
Consider Consulting a Financial Advisor
From Social Security decisions to smart investment strategies and tax planning, there are so many moving parts in retirement planning. Having a trusted financial advisor to help navigate this journey with you can make all the difference.
We recommend working with a professional who is independent, a fiduciary (meaning they are legally and ethically obligated to act in your best interest), and experienced in the specific challenges of retirement planning. A good advisor will not only help ease any uncertainty or confusion but will also tailor your financial plan specifically to your unique situation.
No matter where you are on your retirement journey, taking that first step with clarity and the right support can help you stay on course and in control of your financial future.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
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