Knowledge is Power. And it takes knowledge – not money, to make money. Becoming wealthy is a steep learning curve and most end up drowning in the sea of online resources without making it to the wealthy shore. Here, we discuss just why knowledge is the ultimate asset when it comes to money and how to help improve your retirement outlook with the right tools in place.
Where will your retirement money come from? If you’re like most people, qualified retirement plans, Social Security, personal savings and investments are expected to play a role. Knowledge is truly power when it comes to planning for retirement.
Once you have estimated the amount of money you may need for retirement, a sound approach involves taking a close look at your potential retirement income sources. At Johnson Wealth Income Management, we want to help provide you with the tools you need to make the most of your retirement years with our full-service financial planning services. Here’s a look at how we can help you plan for your golden years.
Where To Start?
A recent Stanford Study found, people save more for retirement when they use detailed retirement income projections and have all of the information available to them. The hardest thing about saving for retirement is simply getting started. It’s important to remember that it’s never too early to start planning for your retirement future.
Retirement planning is the overall process of figuring out how much money you’ll need to save for retirement and then putting a plan in place to get there. First and foremost, you should think about what you want out of retirement. What are your goals, dreams and aspirations? To get a better idea, ask yourself the following questions:
- When do I want to retire?
- What do I wish to do in retirement?
- How much money will I need to save before I get to retirement?
- How much do I need to invest monthly to get there?
- What retirement accounts are best suited to my goals?
- Am I factoring in healthcare and long-term healthcare?
Once you have a general idea of where you’re at, and where you want to be you’ll have a clearer road map to planning for retirement. By outlining some of these questions mentioned above, it will paint a better picture for how much you’ll need each month in retirement. There are some great tools you can utilize online as far as financial calculators. This is a simple tool you can use to help calculate how much you’ll need to have in savings.
Savings and Investing Strategies
Investing should be easy – just buy low and sell high – but most of us have trouble following that simple advice. There are principles and strategies that may enable you to put together an investment portfolio that reflects your risk tolerance, time horizon, and goals.
The good thing about investment strategies is that they’re usually flexible. If you choose one and if it doesn’t suit your risk tolerance or schedule, you can certainly make adaptations. It’s important to proceed with caution here, as it can be costly if executed carelessly. More importantly, selling assets can create a realized capital gain. These gains are taxable and can be expensive.
The Fiduciary retirement advisors at Johnson Wealth & Income Management are well-versed on all there is to know on how to invest and help save your money. We look at your plan from a third-party standpoint and help you determine your goals, where there are strong points that are working, and what may need improvement. With us as your trusted advisors, we can help you to stay level-headed when the market is volatile.
Options to discuss with your advisor for saving and investing can include:
- Company sponsored retirement plans like a 401(k) or 403(b)
- Individual Retirement Accounts (IRAs)
- Roth IRA
- A variety of investments like mutual funds, stocks, bonds
- Life insurance that builds cash value
The sooner you start, the more potential your money has to grow over time. Once your plan is in place, reviewing your retirement portfolio on a regular basis will be crucial. This is just one of many things you can do to help gain independence and confidence in retirement with us.
Why You Should Trust Johnson Wealth Income Management
At Johnson Wealth and Income Management, our commitment is to help you work towards achieving all your financial goals and to help provide you with a “worry free” retirement. We offer the following services to help get you there:
- Retirement Planning
- Financial Advising /Planning
- Investment Planning
- Tax Options
- Estate Planning
- Insurance Options
- Money Management
- Lifestyle Balance
It’s important to choose someone you can trust, who makes you feel comfortable and whose skills are a good match for your individual needs. That’s why Matthew P. Johnson isn’t your typical financial advisor – he’s a Fiduciary. Here’s the difference…
What is a Fiduciary?
The biggest difference between fiduciary vs. non-fiduciary financial advisors is the standard they’re held to when advising clients. A fiduciary is a person or legal entity, such as a financial firm, that has the power and responsibility of acting for another (usually called the beneficiary or principal) in situations requiring total trust, good faith and honesty.
There are a few ways to quickly tell a fiduciary from a non-fiduciary financial advisor. Financial advisors who are fiduciaries will want to know your history, including your family, investment history, hopes and future dreams. A non-fiduciary could be more concerned with what they can sell you—and probably less concerned with your particular situation or needs.
Some ways to distinguish a fiduciary vs. non-fiduciary financial advisor include if your financial advisor is registered with the SEC or state securities regulators, they are required to act as fiduciaries in at least some situations. Fiduciaries also typically have long-standing relationships with several trusted and vetted industry partners such as estate planning attorneys and insurance brokers, who share their approach to acting in their clients’ best interests.
Contact us Today
We believe clients are almost always better off using the knowledge of a fiduciary. In fact, there’s rarely a reason not to use a fiduciary when preparing for retirement. However, you may not need a fiduciary if you don’t want an advisor to manage your account on your behalf or even make recommendations.
As Iowans, we long have prided ourselves in being middle Americans — working hard and enjoying a lifestyle of moderate measures. We are a full-service financial firm that provides an array of services to our clients in the state of Iowa. From tax planning to investment strategies, our commitment is to help you work towards achieving all your financial goals and to help provide you with a “worry free” retirement.
If you are looking for an Iowa-based, full-service financial firm you can count on, contact the team at Johnson Wealth and Income Management here today. Our friendly and courteous team are waiting for your call.
All written content on this site is for informational purposes only. Opinions expressed herein are solely those of Johnson Wealth & Income Management and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. Johnson Wealth & Income Management and Sound Income Strategies LLC are not associated entities. Johnson Wealth & Income Management is a franchisee of the Retirement Income Store. The Retirement Income Store and Sound Income Strategies LLC are associated entities. © 2021 Sound Income Strategies.