Retirement Planning

Retirement Planning Services in Loganville, GA

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What is Retirement Planning?


Retirement planning is a process of analyzing income goals at retirement and the mechanism and choices needed to aim for those goals. Planning involves identifying sources of income, adjusting expenditure, managing assets, and carrying out a savings program. Finally, future expenditure is estimated along with it's impact on financial goals at retirement.


Retirement plans vary depending on locations. Different countries have different systems of workplace-sponsored plans. Retirement planning is a life-long process. It can start at any time, but it works best if you consider your financial planning from the start.


The Importance of Having a Retirement Plan

Clients enjoy the fruits of quality retirement planning services. There is both peace of mind and the financial benefit that comes with it. Here are some of the benefits:


Allows for comprehensive financial planning


Clients can live life on their terms. You are at liberty to live wherever you wish, be it Paris or Hawaii. Clients may also want to have a vacation every year; planning services allow them to live outside of the ordinary.


Preparation For The Unexpected


Clients can make risk management choices that will help them manage their financial circumstances should the unexpected in life happen. A financial planner will help you identify areas of risk and portfolio management you should consider.


Legacy opportunities


Proper legacy planning allows clients to leave assets to the people and organizations that are important to them. Legacy planning supports expeditious and tax-efficient transfers of wealth.

When to start retirement planning?

The best plans are often started at an early age. A proper plan will be divided into the investment phase, the accumulation phase, and the withdrawal phase.

In the first phase, you save and invest money. In this stage, it will likely be in your 30s to early 50s. It is crucial to decide the amount to contribute and duration during the investment phase. Your financial responsibilities shoot up later due to home loans, marriage, and children's expenses, so there is a need to be practical about saving.

You have to make sure that the entire corpus slowly moves away from risky to safe assets as you near retirement. Then, when you retire, the focus ought to be on enjoying the benefits. You can choose a monthly income source or even payment at certain intervals. Opt for a flexible retirement income plan.

How Much Should I Save for Retirement?

According to most financial advisors, your retirement income should be about 80% of your final pre-retirement salary. Therefore, you need at least $80,000 annually to make $100,000 per year at retirement to have a desirable lifestyle upon retirement.


Depending on other sources of income such as your health, pension, or even social security, this amount can be adjusted, such as social security. You may also get personalized financial advice from the right financial advisor.


There are many plans available through employment or as personal investments. Some are pre-taxed while others are post-taxed and each of the plans comes with its pros and cons. 


Employer-sponsored plans


These include benefit plans such as pensions, contributions such as 401(k), Roth 401(k), 403(b), 457(b), and Thrift Savings Plans. 401(k) It has the advantage that all contributions and earnings to your 401(k) are tax-deferred and also that many employers provide matching contributions to your 401(k) account.


Some non-profit, tax-exempt organizations provide certain plans for their employees, such as 403(b).


Individual plans


Individual plans include traditional IRAs, ROTH IRAs, spousal IRAs, and rollover IRAs.  A current tax deduction can be generated by contributing to a traditional IRA. Roth IRAs produce better after-tax returns if you prefer long-term savings. However, if you qualify for the tax deduction, the traditional IRA may be a better option. Always check with the financial advisory firm before making any investments.


Other Retirement Plans


Other plans include SEP, SIMPLE, and Payroll Deduction IRAs for individuals or small business owners with employees.


The Benefits of Having a Retirement Plan

Proper investment management


Planning helps you to be mentally free for your later years. It reduces uncertainty about your future. Failure to plan can leave you uncertain with regards to your income after retirement hence creating stress.


Sound financial planning


A plan gives clients financial freedom to make more efficient decisions related to either career or business planning. For example, if it's better to do a job or start your practice independently.


Cost Savings


There are several ways to minimize costs with appropriate planning.  When you are young and healthy, you can acquire insurance policies at much lower premiums. On the other hand, you risk paying higher premiums or even denial 0f coverage when you near retirement. 

How to Pursue Comprehensive Financial Planning

To work toward financial goals, clients may have to develop strategies for planning or investment. The financial planner specializes in helping companies and individuals create a program to meet long-term financial goals.


The financial planner may hold various licenses or designations, such as Certified Financial Planner™ (CFP®) title, which Certified Financial Planner Board approves. In addition, Acuff Financial Services Inc. offers personalized solutions designed to fit each client's unique goals. A Financial fee-only advisor can also be found in your vicinity via a directory website.


A good financial advisor may offer the following advice to boost your financial life and push toward ultimate retirement goals;

  • State all your current expenses. Divide them into fixed, mixed, and variable ones
  • Examine each category and note adjustments; if you plan to stay in your current home, you can easily determine if you will be mortgage-free at retirement or not.
  • Allocate a dollar amount to each adjustment, up or down. You can allocate zero amounts for a mortgage on your house, but you state a part of the real estate tax, insurance, repair, and maintenance.
  • Delete items from your budget that you will no longer need—for instance, professional clothes or work transportation.
  • Add items to your budget that will be deemed necessary, such as medical expenses or a special diet after you retire.


Make all other adjustments until you reach a minimum amount you must have at retirement. Local financial advisors in Loganville will help you formulate a financial plan to determine the present value of your investment so your financial future will be protected accordingly.



Financial Advisors in Loganville, GA

Retirement planning requires good financial planning. As a client, you may visit an insurance company or a bank. A firm that considers a client's situation by building personal relationships and providing a broader perspective on financial products will strengthen your financial life. A fiduciary will manage your retirement accounts which saves you time and money spent on advisory services. Fee-only financial advisors can also take you through the financial planning process.


As independent fiduciary advisors, we are mindful of our client's financial situation. We commit to creating personal financial relationships with our clients to enable them to actualize their goals. In addition, we develop a customized tax-smart financial plan for each client.

We endeavor to instill confidence in our clients to enable them to pursue their financial goals. Acuff Financial Services Inc. is honored to assist you with financial planning and investment in Loganville, Georgia, and its nearby areas.

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