“I Have Retirement Savings. Now What?”

You need to save for retirement. You should put everything you can into your IRA or 401K. You can’t rely on Social Security alone to cover the cost of retirement.

If you’ve heard one or more of these statements before, hopefully you have already taken the first step and started saving for retirement. However, that isn’t the entire plan.

You Need a Plan

The common philosophy around saving for retirement is to invest your money and to really not think about it until it is time to retire. The idea is that you would save as much money as you are able and, when you get to retirement, just hope it has been enough.

Now, don’t get us wrong, saving for retirement is an important step! But it isn’t the only step.

If you wait until you are “done” saving for retirement to come up with a detailed plan, you will lose valuable time to make sure you will be set for your entire life. If you take the first step to save for retirement and don’t go any further, you will end up guessing when it comes to important questions like:

• When should I start taking money out of retirement?
• How much should I take now?
• How much do I need to leave in investments?
• What do I do if I have a medical condition later in life?

If you don’t know the answer to these questions, you probably don’t have a complete retirement plan. And that is something you can’t leave to chance!

“Do you have a plan that is going to get you to the end, no matter how long from now the end is going to be?” – Phil

What Should I Do Next?

No matter where you are with your retirement savings, there is still time to make sure you have a plan. Whether you’ve already been saving for years and don’t know if you’ve saved enough or you are just starting to save for your retirement, the next step is to get a Retirement Blueprint Financial Review. The Retirement Blueprint looks at the rest of your life and charts how much money you should be saving now, when you plan to retire and start taking money out, and how much money you should take out and when.

For the person that has already started saving for retirement, we are going to look at what you have already saved and determine if that is enough. If it is, then we can help you start planning for your financial goals: Do you want to retire early? Do you want to travel before you retire? Do you have grandchildren that you’d like to help complete their education?

Now, if you’re the person that has started saving for retirement but don’t have enough saved yet, we are going to give you some options on where you need to be putting your money to make sure you are set for the rest of your life. And if this is you, don’t feel like you messed up or did something wrong when you started saving for retirement. There are a lot of unknowns in life and we want to help make sure you are ready for however many of those come up so you don’t run out of money while you are still alive.

And if you are the person that hasn’t started step one yet, it’s time to get a plan laid out now. The worst thing you can do is to go another day without any plan for funding your retirement and meeting your financial goals. You don’t want to get to the end of your money and realize that you didn’t save enough or used too much money too early.

Wherever you are at in saving for retirement, we’d love to help you make a plan today!

Content prepared by Austin Savage & Co.

Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial advice. 210 Financial is an independent financial services firm that utilizes a variety of investment and insurance products. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and 210 Financial are not affiliated companies. 01086592 10/21