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Your Financial Roadmap
Retirement Planning

Retirement.....is the time for you to be living your life on purpose, to have the financial freedom to live the life you want and deserve. This is usually achieved by building up retirement savings through various financial strategies like investments, pensions, insurances or other sources of income.

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Retirement planning refers to the process of setting and achieving financial goals to help achieve a comfortable and secure retirement. It involves determining how much money you will need to live on after you stop working and developing a strategy to accumulate the necessary funds. Retirement planning typically includes the following key elements:

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  1. Setting retirement goals: This involves determining the lifestyle you desire during retirement, estimating your expenses, and setting specific financial targets.
     

  2. Saving and investing: Retirement planning often involves regular savings and investment strategies to build a retirement nest egg. This may include contributing to retirement accounts like 401(k)s or IRAs, as well as investing in stocks, bonds, mutual funds, or other assets.
     

  3. Understanding RMDs: Required Minimum Distributions. RMDs are the minimum amount of money that individuals with certain retirement accounts, such as traditional IRAs and 401(k)s, must withdraw from their accounts each year once they reach a certain age. RMDs are generally taxable as ordinary income, meaning you'll need to pay income taxes on the amount withdrawn.
     

  4. Assessing risk tolerance: Retirement planning requires considering your risk tolerance and adjusting your investment portfolio accordingly. Generally, younger individuals can afford to take on more risk due to the longer investment horizon, while older individuals may prioritize more conservative investments to protect their savings.
     

  5. Social Security and pension benefits: Understanding how Social Security and any pension benefits will contribute to your retirement income is crucial. Familiarize yourself with the eligibility requirements, estimated benefits, and potential strategies to maximize these income sources.
     

  6. Health care and insurance: Factoring in healthcare costs and securing appropriate insurance coverage is important for retirement planning. Medicare, long-term care insurance, and other healthcare options should be considered to protect against unexpected medical expenses.
     

  7. Estate planning: Preparing an estate plan, including wills, trusts, and powers of attorney, is an essential aspect of retirement planning. It ensures your assets are distributed according to your wishes and can minimize taxes and legal issues for your heirs.
     

  8. Regular review and adjustment: Retirement planning is an ongoing process. Regularly reviewing your retirement plan, reassessing your goals, and adjusting your strategies as needed is crucial to staying on track.

 

It's important to note that retirement planning is highly individualized, as it depends on various factors such as your age, income, expenses, risk tolerance, and retirement goals to get to that sense of financial freedom. Seeking the guidance of a financial advisor or retirement planner can be beneficial in creating and executing an effective tax-efficient retirement plan tailored to your specific needs to maximize your retirement income.

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Ultimately, with a clear plan, we can work towards achieving financial freedom so you can enjoy your retirement years.

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J. Silvagni

Financial Advisor

Maui Wealth Solutions LLC

Regional Office:

113 Elgin Ave

Westmont, NJ 08108

(609)332-4918

Disclosures:

J. Silvagni is an Investment Adviser Representative

Investment advisory services are offered through Advisor Share Wealth Management (ASWM) doing business as Maui Wealth Solutions LLC., a registered investment advisor. ASWM, Maui Wealth Solutions LLC and A Financial Road Map operate independently of each other. For a comprehensive overview of investment risks, fees, and services, please refer to the ASWM firm brochure (ADV Part 2A), obtainable from your Investment Advisor Representative or by contacting ASWM. The content provided on this website is for informational purposes only and should not be construed as a solicitation or recommendation of any investment strategy. Investments and/or investment strategies carry inherent risks, including the potential loss of principal. There is no guarantee that any investment strategy will achieve its objectives.

​PLEASE NOTE:
The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. We make no representation as to the completeness or accuracy of information provided at these web sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.

 

 

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