Power your way to a 30-year retirement

Life expectancy today is in the low-mid 80s for both men and women. While exciting, it’s also never been more important to make sure you're prepared to enjoy what could be a 30-year retirement. 

We know you may have questions, and we can help starting with these simple tips.

Do I have enough?

Save Early - It's never too early to start saving for retirement and with the help of a financial advisor you'll be able to create a plan that accounts for inflation, medical costs, and unexpected expenses.

Make Catch-Up Contributions - As you get closer to retirement, consider catch-up contributions. These allow savers over 50 to add extra amounts to tax-advantaged retirement accounts without surpassing IRS limits. In essence, it's an opportunity to invest more now to ensure a larger fund in retirement.

How can I retire if not immediately?

Delay Retirement and Social Security Benefits - Every year you delay retirement is another year of giving your savings time to grow.  If you plan on a longer retirement, then delay your Social Security benefit. For every year you delay collecting beyond your full retirement age, your monthly payouts increase by 8%, up to age 70.

Phase into Retirement - When it is time to retire, phase into it. Consider scaling back in your current job or taking on a part-time position. Not only is this a good way to stretch your money out further, but it's a good way to stay active. 

Is my strategy sound?

Adjust Your Investment Strategy - Normally, how you invest your savings changes as you near retirement. However, if you are planning on a 30-year retirement then you may need to keep your investments in a pro-growth direction longer than you originally thought.

Withdrawal Strategy – It is not only important to carefully weigh the percentage or fixed dollar amount of your withdrawal, but also to determine which accounts to draw from to minimize taxes.

There are no cookie cutter options and no calculator can account for everything. At West Financial we will create a plan suited to you and your unique needs. 

If you still have questions and want to discuss your options, Book a complimentary consultation today and let’s get started.

Book a Complimentary Consultation Today

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About West Financial Services

At West Financial Services, we have spent over 40 years building a firm dedicated to taking a conservative and ethical approach to growing and protecting our clients’ wealth and prosperity. Since our inception in 1982, we have provided financial services on a fee-only basis, acting as a fiduciary for our clients. Each member of our team fully embraces the importance of this role and what it means for our clients. We bring planning excellence, investment discipline and personal service to everything we do.

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West Financial Services, Inc. (“WFS”) offers investment advisory services and is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. You should carefully read and review all information provided by WFS, including Form ADV Part 1A, Part 2A brochure and all supplements, and Form CRS.

This information is intended to be educational in nature, and not as a recommendation of any particular strategy, approach, product, security, or concept. These materials are not intended as any form of substitute for individualized investment advice. The discussion is general in nature, and therefore not intended to recommend or endorse any asset class, security, or technical aspect of any security for the purpose of allowing a reader to use the approach on their own. You should not treat these materials as advice in relation to legal, taxation, or investment matters. Before participating in any investment program or making any investment, clients as well as all other readers are encouraged to consult with their own professional advisers, including investment advisers and tax advisers.