Retirement Planning

A lot of people look forward to retirement and taking advantage of what they have put into Social Security. However, relying on Social Security payments alone may not be enough for you to do all you'd like to do. A well rounded retirement plan might involve Social Security, but to enjoy retirement you may need additional sources of income, such as savings or a retirement plan.

Malini Raswant - Financial Planner - Retirement Planning and InvestmentsA financial planner can help you determine if you are saving enough and investing properly in planning for your retirement. They will gauge the sufficiency of your savings to support your objectives and develop a strategy to help make the most of your investment for retirement. Areas of interest when investing for retirement include: 401(k), Roth 401K, SEP IRAs or Roth IRA, among others. By determining what will work best in your situation, your financial advisor will be able to help you manage the risk while growing your investments.

If you are already retired, then having a retirement plan in place as quickly as possible is especially important. You will need to determine how much money you require to live the lifestyle you enjoy. You will also want to look at ways your current savings can keep pace with the economy, so your expectations won’t fall short in the future.

The average life span of Americans is increasing (Source: Centers for Disease Control and Preventation). A well-structured retirement plan will include projections on how long you may live and how much money will be needed to retire comfortably. It is also important to take into account unexpected circumstances such as becoming disabled, and therefore unable to care for yourself or your spouse. Long term care costs* should be reviewed to ensure your retirement investments will continue to provide for you should you need to move to assisted living or other care facility.

The cost of living may be more expensive in some states than in others. If you intend to relocate when you retire, seek financial advice on any change in living costs and/or possible tax implications.

There are many facets to planning for retirement, but with some planning you too can look forward to enjoying your senior years. Contact Malini Raswant** for more information on retirement planning and investing. Her offices are conveniently located in Northern Virginia.

*Insurance products are offered through insurance companies with which Waddell & Reed has sales arrangements.

**Malini Nanda Raswant is licensed in VA, DC, GA, LA, MD, NY, PA, NC, SC, DE, TX, VT and WI. Her office is located in Vienna, VA and is readily accessible to those seeking a financial advisor in the greater Fairfax County areas, as well as Arlington and Alexandria.