As you get older, it’s essential to start thinking more seriously about your retirement income. Your main focus when it comes to retirement income planning should always be wealth accumulation in anticipation of leaving a steady income—this is where Miser Wealth Partners’ services become essential.
At Miser Wealth Partners, we’re a wealth management company that offers income planning, tax mitigation, wealth transfer, and investment positioning services in Knoxville, TN. To help keep you informed on your retirement income planning journey, we’ve compiled some statistics to help you better understand why it is so important to plan for your retirement income.
The importance of retirement income planning: statistics and surveys
According to a recent survey by the Employee Benefit Research Institute, only 42% of Americans have tried to calculate how much money they will need to live comfortably in retirement. This means that the majority of people are not actively planning for their retirement income. This is a major concern, as it can lead to people not having enough money to support themselves during their retirement years.
Another survey by the National Institute on Retirement Security found that 62% of Americans between the ages of 55 and 64 have less than $100,000 saved for retirement. This is a worrying statistic, as it suggests that many people will struggle to maintain their standard of living once they retire.
The need for early planning: a strategy for retirement income planning
However, it is not just those who are close to retirement age who need to be concerned about their retirement income. A survey by the Transamerica Center for Retirement Studies found that only 15% of Millennials (those born between 1981 and 1996) are very confident that they will be able to retire comfortably. This is partly because many Millennials are burdened with student loan debt and are struggling to save for retirement while also paying off their debts.
So, what can you do to ensure that you have enough money to live comfortably during your retirement years? The first step is to start planning early. The earlier you start planning for your retirement income, the more time you will have to save and invest for your future.
Retirement savings accounts and financial advisors: two strategies for retirement income planning
One strategy that many people use is to contribute to a retirement savings account, such as a 401(k) or an IRA. These accounts allow you to save money on a tax-deferred basis, which means that you won’t have to pay taxes on your contributions until you withdraw the money in retirement.
Another strategy is to work with a financial advisor who can help you develop a retirement income plan. This plan will take into account your current income, your expenses, and your goals for retirement, and will help you determine how much money you need to save in order to live comfortably during your retirement years.
Miser Wealth Partners: retirement income planning and related services
At Miser Wealth Partners, we specialize in retirement income planning. We can help you develop a customized plan that is tailored to your unique needs and goals. Our team of experienced financial advisors can help you understand your retirement income options, such as Social Security, pensions, and annuities, and can help you make informed decisions about how to invest your savings.
In addition to retirement income planning, we also offer tax mitigation services. We can help you minimize your tax liability both now and in the future, which can help you keep more of your hard-earned money.
We also offer wealth transfer services, which can help you ensure that your assets are passed on to your loved ones in a tax-efficient manner. This is an important consideration for many people, as they want to make sure that their legacy lives on after they pass away.
Finally, we offer investment positioning services, which can help you develop a diversified investment portfolio that aligns with your retirement income goals and risk tolerance.
Get in touch with Miser Wealth Partners for elite retirement income planning services in Knoxville, TN!
In conclusion, retirement income planning is a critical aspect of financial planning. Unfortunately, many people do not start planning early enough, which can lead to financial struggles during their retirement years. The statistics on retirement income planning underscore the importance of taking action today to ensure that you have enough money to live comfortably during your retirement years.
Whether you choose to contribute to a retirement savings account, work with a financial advisor, or both, it is important to start planning as soon as possible. At Miser Wealth Partners, we can help you develop a customized retirement income plan that is tailored to your unique needs and goals. We also offer tax mitigation, wealth transfer, and investment positioning services to help you achieve your financial goals.
Don’t wait until it’s too late to start planning for your retirement income. Contact us today to learn more about how we can help you achieve financial security and peace of mind during your retirement years.