Retirement Plan consultants in Grand Rapids, Michigan
Planning for income strategies is not just for the super wealthy. All soon to be retirees need to build an effective plan that accounts for their lifestyle, future wishes, and endeavors. Preparing for bumps in the road that come with growing older is another key factor in planning on income to last you throughout retirement. Fixed-income products provide steady lifetime income and can be used to ensure safety in your income and retirement investments. People are living longer… are you prepared for 25-30 years of income?
‘Retirement,’ the word brings relief to a lot of people. To most, it means staying at home after ending decades of daily 8-hour work shifts and commuting, while to others, it means travelling the world and visiting some of its most beautiful places. Although a successful retirement is something that most people seek, not many people know how to adequately plan for it. Most people live with the idea that they have enough time on hand to plan everything out, but that isn’t always true. To live a happy retired life, you should start retirement planning as soon as possible using the services of one of the best financial advisors in Grand Rapids, MI.
What is Retirement Planning?
It is a process of understanding your finances and your income goals and strategically sorting them so that you can have a happy and comfortable retirement. It is impossible to predict what the future holds, but by having clear retirement goals, we can surely help you face the future with confidence. Usually, retirement planning centers on how someone wants to live their retirement life. Having a clear retirement plan policy developed by Grand Rapids financial advisors helps determine your financial needs and possible solutions.
In today’s world, retirement planning is essential because:
- One can’t work forever.
- Relying on others for retirement income is risky.
- Average life expectancies are increasing.
- Paying off debts reduces your need for income.
- Medical Complications later in life are expensive.
- Retirement may be the best time of your life.
How Does It Work?
Starting retirement planning early in life can help you enjoy a lot of benefits later in life. Having a retirement plan policy also reduces the financial burden as one starts to get closer to retirement age. Integrated Financial Services, Inc. is one of the retirement plan consultants in Grand Rapids, MI. We work with our clients personally and understand their goals and demands. We carefully study our clients’ financial situation, wealth, expenses, assets, etc., to strategically plan out the best retirement plan tailored to them. We understand that each individual has a different set of goals that they want to achieve, and our professional team of Grand Rapids financial advisors guides them accordingly. We choose the best retirement plan policy for our clients to help them achieve their goals.
Benefits of Retirement Planning
- Stress-free life
One of the best parts about retirement, is that you may not have to work or worry about your finances. You can enjoy life to the fullest, without stressing yourself about the cost of living. Investments that can earn you a regular income during your retirement can help you have a happy and laidback life that you had dreamed of for decades and worked hard to achieve.
- Money works for you Retirement is a stage in life when you no longer have to work for money, but that doesn’t mean your money can’t still work for you. Unfortunately, many retirees have lazy money, or they have their nest egg exposed to the risk of loss, without fully understanding it. If you make smart decisions during your working years, you can reap the benefits during retirement. To achieve this goal, it helps to have your own personalized grand wealth management plan, which can be essential to having confidence at all stages of your life.
- Tax Benefits We specialize in helping develop retirement planning solutions of Michigan taxpayers who are our clients. With proper planning, taxes are a controllable expense. We help Michigan taxpayers develop tax planning solutions . There are some long-term investments that offer tax deferral, tax free retirement income and plans which pass wealth to heirs entirely tax free. You can choose from multiple options and avoid paying the costs of unnecessary taxes.
- Financial Stability Piling your money in the bank at today’s low interest rates may not be a prudent long-term investment option, as it may not generate the returns necessary to keep up with inflation and/or reach your retirement goals. If you live in the Greater Grand Rapids area, shouldn’t you use a grand wealth management specialist? Utilized the services of one of the best financial advisors in Grand Rapids, MI who can help you develop a retirement plan that can produce the returns necessary to have a financially stable life after retirement.
Frequently Asked Questions
Rolling over your retirement account typically happens in two areas:
First, when people change jobs and they still have a retirement account with their former employer. They have three options: cashing it in; rolling it to a new employer’s plan; rolling it into an IRA. Retirement plan consultants will tell you that the first option is rarely a good idea as it’s a taxable event with a mandatory 20% withholding. Also, it doesn’t help build your retirement nest egg. A retirement consultant will tell you that the next two options will preserve the preferred tax status and keep your funds growing to meet your retirement goals. Second, when people retire. At retirement you have the same basic options but now most people are older and need income. Retirement consultants will tell you that it may make sense to decrease your exposure to risk as you age, as you no longer have the years necessary to recoup large losses in your retirement account. An experienced retirement plan consultant can assist you in navigating these options.
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