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Thayer Partners Blog

Retirement Planning Can Be Very Difficult on Your Own

[fa icon="calendar"] May 6, 2016 9:00:00 AM / by Chris Wilmerding

Chris Wilmerding

Retirement_Planning_Can_Be_Very_Difficult_on_Your_Own.jpgBeing able to live comfortably and stress-free when you're in old age is extremely important. Many people believe a comfortable retirement is too unobtainable at this point in their career and so they struggle even more than they have to once retirement comes.

In a study done by the Employee Benefit Research Institute, about 45% of U.S. workers have saved less than $10,000 for retirement. An astonishingly low 29% of American workers have saved less than $1,000.

What are your options?

Work with a Financial Advisor

Working with a financial advisor that will assist you with all the aspects of retirement can be a giant weight off your shoulders.

Financial advisors will be able to provide various services to you regarding your retirement:

  • 401k advice
  • Retirement income planning
  • Long term care insurance
  • Principal protection strategies
  • Social Security maximization
  • Financial and retirement planning
  • Portfolio management and review
  • Pre-Tax Savings Strategies like Defined Benefit and Cash Balance plans
  • Wealth replacement strategies and wealth management
  • Business Valuations and Exit Strategies
  • Individual disability insurance
  • Life insurance
  • Using life insurance and variable annuities to generate more income

Planning for retirement can be a very difficult process. Consulting with professionals by going over your retirement goals and completing an investment analysis can help relieve many of the stresses that go along with this difficult time in a person’s life.

Work Until You Drop?

Even though many American workers will soon be retired, about 74% of them believe they will still have to work into retirement. In a survey by the American Association of Retired Persons, 40% of Baby Boomers plan to work “until they drop.” Consulting professional financial advisors before retirement can lower your chances of having to work well into your old age, as well as having your finances organized.

Organizing your finances beforehand can also help avoid many problems when you’re closer to retirement. Of American retirees, as reported by CESI Debt Solutions, about 56% had outstanding debts when they retired.

There are about 40 million retirees in the world today, and over the next 35 years, that number is expected to more than double to almost 90 million senior citizens in the United States. Working with financial professionals to plan for retirement is essential in ensuring that you and your family can be secure for many years to come.

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Topics: Retirement

Chris Wilmerding

Written by Chris Wilmerding

Chris Wilmerding is Principal of Thayer Partners, an independent investment management firm located in Westwood, MA providing financial planning and wealth management counsel to individuals and their families.

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