5 Tips to a Successful Retirement

Have you ever come across individuals who are living out their retirement dreams and find yourself questioning, “How did they manage to achieve that?” Their excitement is evident as they excitedly discuss their plans to explore the globe or be exceptionally charitable, and it’s infectious!

So, what does this appear like in daily life? Let’s take a look at some actions that individuals take (and that you can also take) in order to achieve success during retirement.

1. The recognition of their earnings as the main resource for building wealth is clear to them.
   
   

Clever investors capitalize on their most efficient and dependable method of accumulating wealth: their earnings. This means that regardless of the size of their household income, they allocate each and every dollar towards a specific purpose. They also avoid taking on debt because they understand that being debt-free allows them to have more financial freedom and plan for the future.

2. The individuals create a budget for each month and are committed to following it.
   
   

Individuals who are well-prepared for retirement are aware of their spending habits when it comes to groceries, dining out, and buying new clothes. Even if it’s just a few dollars, they make the conscious decision to pass by a coffee shop if they run out of coffee money before their next paycheck in order to stay within their budget.

3. In terms of retirement, 15% of their household income is allocated for investment.
   
   

Once individuals have paid off all their debts, with the exception of their mortgage, and have set aside enough savings to cover three to six months of expenses, financially savvy investors allocate 15% of their household income towards retirement.

4. Their investment strategy is focused on long-term goals.

Individuals who are knowledgeable about retirement understand that investing is a long-term commitment, not a quick fix. They do not make impulsive changes to their investments based on fluctuations in the stock market. This is because they have a forward-thinking approach to investing.

5. They are living within their financial means.

 

According to the National Study of Millionaires, the majority of financially savvy individuals do not overspend, with 94% living within their means. Instead of splurging, they opt for modest homes and pay for big-ticket items such as cars and vacations in cash.

Conclusion

Are you trying to find a financial advisor in Fresno? Look no further than Soutas Financial & Insurance Solutions Inc. your financial advisor Fresno, Ca is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment strategies that focus on Asset Protection, Long-Term Care Strategies, Legacy Planning, Tax- Efficient Strategies IRA, 401(k) & 403(b) Rollovers, Life Insurance, Annuities, Medicare, we can help you develop an overall retirement income strategy specific to you and your family.

We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!

Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser. The commentary on this website reflects the personal opinions, viewpoints, and analyses of the author, Soutas Financial, and should not be regarded as a description of advisory services provided by Foundations Investment Advisors, LLC (“Foundations”), or performance returns of any Foundations client. The views reflected in the commentary are subject to change at any time without notice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security, or any security. Foundations manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Foundations deems reliable any statistical data or information obtained from or prepared by third party sources that is included in any commentary, but in no way guarantees its accuracy or completeness.

source https://soutas.com/2024/02/29/5-tips-to-a-successful-retirement/

How Can I Plan Properly for Retirement?

Retirement. It’s a word that conjures up visions of leisure and freedom. Your Fresno financial advisor asks, how can you ensure that your retirement years are everything you’ve dreamed of? Proper planning is the key.

The Importance of Planning for Retirement

In order to guarantee a happy and financially secure future, retirement planning is essential. Many individuals underestimate how much money they’ll need in retirement, and if they don’t prepare ahead, they can find it difficult to get by. You may prepare yourself for a worry-free retirement by starting early and making the required investments and savings decisions.

Understanding Your Retirement Goals and Timeline

Prior to making any meaningful retirement plans, it’s critical to establish your objectives and timetable. Think about the sort of retirement lifestyle you have in mind. Will you be taking plenty of trips, engaging in hobbies, or just taking it easy? Establish your ideal retirement age after you have a goal in mind.

Assessing Your Current Financial Situation

Efficient retirement planning requires first evaluating your existing financial status. Subtract your obligations from your assets to determine your net worth. Consider your earnings, outgoings, and any unpaid debts. This can help you calculate how much you need to save for retirement and provide you with a comprehensive picture of your financial situation.

Retirement Investment Strategies

While saving money is vital, making intelligent investments with your savings is even more crucial. Spread out your assets to reduce risk and increase rewards. In order to achieve your retirement objectives and risk tolerance, think about a combination of stocks, bonds, and other investment vehicles. Seek the advice of a reputable financial counselor to assist you in making wise investment choices.

Retirement Income Sources

During retirement, it’s crucial to take into account additional sources of income in addition to your assets and savings. Among the various sources of income are Social Security payouts, pension plans, and rental revenue. Compute the anticipated amount of income from these sources and incorporate them into your retirement income strategy.

Monitoring and Adjusting Your Retirement Plan

Once you have a retirement plan in place, it’s critical to evaluate it frequently and make any necessary adjustments. Goals and conditions in life might vary, thus it’s critical to maintain your adaptability. Examine your investments and make any required modifications. Monitor your progress toward your savings targets and adjust your strategy if necessary.

Conclusion

Are you trying to find a financial advisor in Fresno? Look no further than Soutas Financial & Insurance Solutions Inc. your financial advisor in Fresno, Ca

is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment strategies that focus on Asset Protection, Long-Term Care Strategies, Legacy Planning, Tax- Efficient Strategies IRA, 401(k) & 403(b) Rollovers, Life Insurance, Annuities, Medicare, we can help you develop an overall retirement income strategy specific to you and your family.

We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!

Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser. The commentary on this website reflects the personal opinions, viewpoints, and analyses of the author, Soutas Financial, and should not be regarded as a description of advisory services provided by Foundations Investment Advisors, LLC (“Foundations”), or performance returns of any Foundations client. The views reflected in the commentary are subject to change at any time without notice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security, or any security. Foundations manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Foundations deems reliable any statistical data or information obtained from or prepared by third party sources that is included in any commentary, but in no way guarantees its accuracy or completeness.

 

source https://soutas.com/2024/02/27/how-can-i-plan-properly-for-retirement/

Can a Self-Directed IRA Help Me?

We enjoy having choices, whether it’s a wardrobe filled with various options or a variety of flavors to select from at our preferred ice cream parlor.

Understanding a Self-Directed IRA

A self-directed IRA (SDIRA) is a retirement account that offers tax benefits and is similar to a traditional or Roth IRA. The main difference is that SDIRAs allow for investments in a variety of “alternative” options that are typically not available in regular IRAs.

Many individuals who open a self-directed IRA typically utilize them for investments with longer time horizons, which may be more challenging to purchase and sell compared to easily accessible stocks, bonds, or mutual funds (referred to as “less liquid” investments in the world of investing).

Advantages

1. They offer a wider range of investment choices and increased flexibility for investors.

Self-directed IRAs provide a multitude of options and increased adaptability for the investments within your account. Additionally, you can still receive the same tax advantages as a traditional IRA.

2. Investing based on your knowledge and experience is made possible by them.

With self-directed IRAs, individuals have the opportunity to save for their retirement by investing in areas that align with their interests, expertise, or experience. For instance, if you have a strong understanding of rental real estate, a self-directed IRA enables you to utilize that knowledge and purchase a property that has the potential to increase in value over time, allowing you to generate income that is directly deposited into your retirement fund.

3. One possible benefit is that they may assist in diversifying your investment portfolio.

Lastly, a self-directed IRA could act as a great addition to any funds you currently hold in standard investment accounts or other retirement accounts, allowing you to broaden the scope of your retirement portfolio.

Potential Drawbacks

1. These services typically come at a higher cost and require complex recordkeeping.

Due to the intricacy of self-directed IRA investments compared to more conventional ones, the majority of companies providing them will impose above-average maintenance fees, which could potentially decrease your profits.

2. There are numerous regulations and protocols that must be adhered to.

In addition, it is important to note that the IRS has established prohibited transactions that must be taken into consideration. These transactions can be compared to landmines, as they have the potential to negate any tax advantages associated with a self-directed IRA.

3. These investments are frequently associated with high levels of risk.

Let’s consider the fact that self-directed IRAs primarily involve high-risk investments. It is worth pondering whether relying on unpredictable assets like cryptocurrency or complex investments such as “tax lien certificates” for retirement savings is a wise decision.

Conclusion

Are you trying to find a financial advisor in Fresno? Look no further than Soutas Financial & Insurance Solutions Inc. your financial advisor Fresno, Ca is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment strategies that focus on Asset Protection, Long-Term Care Strategies, Legacy Planning, Tax- Efficient Strategies IRA, 401(k) & 403(b) Rollovers, Life Insurance, Annuities, Medicare, we can help you develop an overall retirement income strategy specific to you and your family.

We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!

Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser. The commentary on this website reflects the personal opinions, viewpoints, and analyses of the author, Soutas Financial, and should not be regarded as a description of advisory services provided by Foundations Investment Advisors, LLC (“Foundations”), or performance returns of any Foundations client. The views reflected in the commentary are subject to change at any time without notice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security, or any security. Foundations manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Foundations deems reliable any statistical data or information obtained from or prepared by third party sources that is included in any commentary, but in no way guarantees its accuracy or completeness.

source https://soutas.com/2024/02/26/can-a-self-directed-ira-help-me/

When Should I Start Saving?

Are you prepared to take charge of your future financial situation? In this article, your Fresno financial advisor will discuss how regardless of age or financial status, everyone could secure financial security. It’s not just for the fortunate few. We provide solutions for everyone, from young professionals just beginning their careers to old nesters hoping to ensure a pleasant retirement.

Building wealth in your 20s

Twentysomethings have time on their side. Now is the ideal time to begin investing in and saving for the future. Make an investment and savings plan in your budget to start. Seek methods to augment your earnings, such engaging in freelance work or starting a side business. Utilize the retirement programs offered by your work and make as much of a contribution as you can. To grow money tax free, think about starting a Roth IRA.

Building wealth in your 30s

You can have greater financial obligations in your 30s, including establishing a family or paying off education loans. But it is also the moment when you should be able to make more money. Profit from this by reviewing your spending plan and identifying further areas for savings. Set up automatic savings and investing plans so that you don’t have to worry about missing out on money.

Building wealth in your 40s

You ought to have a sound financial base and a clear idea of your long-term objectives by the time you reach your 40s. Now is the moment to concentrate on increasing your net worth and optimizing the returns on your investments. To develop a thorough financial strategy that supports your objectives, think about collaborating with a financial advisor. Seek for chances to grow your income through business ventures, career transitions, or promotions. Continue to live within your means by keeping a watch on your spending.

Common obstacles to building wealth and how to overcome them

Developing riches is not without its difficulties. High debt levels, a lack of financial awareness, and unforeseen costs are typical barriers. The first steps in overcoming these challenges are making a sensible budget and figuring out how to pay off debt. Learn about investing and personal finance by subscribing to podcasts, books, or online courses.

Conclusion

Are you trying to find a financial advisor in Fresno? Look no further than Soutas Financial & Insurance Solutions Inc. your financial advisor in Fresno, Ca is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment strategies that focus on Asset Protection, Long-Term Care Strategies, Legacy Planning, Tax- Efficient Strategies IRA, 401(k) & 403(b) Rollovers, Life Insurance, Annuities, Medicare, we can help you develop an overall retirement income strategy specific to you and your family.

We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!

Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser. The commentary on this website reflects the personal opinions, viewpoints, and analyses of the author, Soutas Financial, and should not be regarded as a description of advisory services provided by Foundations Investment Advisors, LLC (“Foundations”), or performance returns of any Foundations client. The views reflected in the commentary are subject to change at any time without notice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security, or any security. Foundations manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Foundations deems reliable any statistical data or information obtained from or prepared by third party sources that is included in any commentary, but in no way guarantees its accuracy or completeness.

source https://soutas.com/2024/02/25/when-should-i-start-saving/