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How to Face Your Retirement Planning Fears

 

 

Halloween is over, but let’s not forget what makes people love this spooky holiday. Halloween celebrates what gives us the creeps and makes facing fears a thrilling adventure. Part of what makes Halloween fun for children (and adults) is that we know that what’s underneath that ghost costume is not a real ghost.

Just like that costume, many of our clients at Wealth Legacy Institute find that when they peek under the sheet of their retirement planning fears, the planning process is not really such a scary monster. Knowing what to expect can turn your fears into nothing more than a “friendly ghost”.


No matter what time of year it is, you can leverage the spirit of Halloween to help you face some of these common retirement planning fears.

Investment Planning Overwhelm

For some, just thinking about retirement investment planning is enough to invoke scenes from a horror movie. It’s common to have questions about:

  • What to invest in
  • How much to contribute to your IRA and 401(k)
  • How to manage your retirement investment plan over time

When you work with a fiduciary financial advisor at Wealth Legacy Institute in Denver, you’ll receive personalized guidance to help you navigate these decisions and more. We’ll help you:

  • Understand the difference between a Roth vs. Traditional IRA
  • Maximize your 401(k) contributions
  • Rollover any old 401(k)s you may have
  • Take advantage of catch-up contributions and retirement planning tax benefits for Colorado residents

Healthcare Costs in Retirement

Healthcare costs are a major concern for retirees and those in the retirement planning phase. Medical care in the U.S. is costly, and transitioning out of employee-sponsored healthcare plans can be a daunting prospect. However, there’s no need to fear.

A fiduciary financial advisor such as a CERTIFIED FINANCIAL PLANNER™ (CFP®) will support you throughout all aspects of the retirement planning process. That includes making sure you’re in the know about the coverages available to you, such as:

Changes in the Political & Economic Landscape

When the stock market drops, so does your stomach. It’s completely natural to wonder (or even worry) about how politics and the economic landscape will affect your retirement investment plan. But while these factors are out of your control, how you respond to changes is entirely in your hands.

Having a CERTIFIED FINANCIAL PLANNER™ (CFP®) at your side will help you stay calm in the face of “monsters” such as:

When to Stop Working

At what age do you want to retire? At what age can you retire? These and other questions about when to stop working can be a source of anxiety in the retirement planning process. Worries about whether you’ll have enough, combined with expectations from family, society, or even yourself, often get in the way of what really matters – your ideal retirement plan.

Whether you retire at 55 or continue working even after your social security benefits kick in, the fiduciary financial advisors at Wealth Legacy Institute will help set you up for success. Based on your personal priorities for retirement, investment goals and lifestyle preferences, we’ll create a personal retirement plan that lets you:

  • Budget realistically
  • Minimize your tax burden and fees
  • Plan for the long term

While even the most thorough retirement investment plan may not chase away every ghost and ghoul, having a well-thought-out approach is key to facing your retirement planning fears.

With the right combination of knowledge and planning, you can feel confidently prepared for whatever may come up during your retirement years. By working with a CERTIFIED FINANCIAL PLANNER™ (CFP®), you can rest easy and enjoy the fun of every season.

Avoid predatory financial advisors who work on commissions or an occasional fiduciary. Find a wealth management advisor who has your best interests at heart.

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