by Austin Boyce, Advisor, CFP®
Do you ever notice how certain “money thoughts” stay on your mind long after you’ve turned the lights out for bed? According to a study by SeniorLiving, the top fear among Americans over 55 is not having enough money for retirement.
At the heart of this concern are two realities: on average, people are living longer, which increases the retirement horizon, and the things we buy continue to get more expensive. Both of which leave many people wondering if their portfolios will need to play catch-up in their later years. If you are under fifty-five, you may want to revisit your spending rate to help you avoid this fear in the future.
Another factor that can make sleep elusive is the lack of a plan. A lot of people don’t know how much they will need in retirement to maintain their lifestyle, so they assume they won’t have enough. After decades of working (and hopefully saving), it can be tough to transition into retirement and the new routines, or lack of routines, that come with it. People often wonder where their income will come from to support monthly expenses once they are no longer receiving a predictable paycheck. That is where a little planning can go a long way.
SoundView Advisors is here to help you understand your spending, alleviate your fears, and prepare you for the transition to retirement. We’ll listen to your concerns and offer solutions to alleviate your worries and help you feel confident during the transition.
If you are still working, we use intentional conversations about your financial goals each year to consider adjustments to your plan. We look for ways to project spending in retirement, asset levels, and savings growth to evaluate if you are on track. We’ll dive into this conversation during spring Annual Reviews, but don’t hesitate to reach out to your advisor before your meeting.
We’ll bring the insight that helps you settle in and rest well.