{"id":15859,"date":"2023-09-18T13:51:55","date_gmt":"2023-09-18T18:51:55","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=15859"},"modified":"2023-09-18T13:51:55","modified_gmt":"2023-09-18T18:51:55","slug":"considerations-when-building-a-retirement-plan","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/considerations-when-building-a-retirement-plan","title":{"rendered":"Considerations When Building a Retirement Plan"},"content":{"rendered":"<p><b>If you&#8217;ve invested years in growing your retirement savings, it&#8217;s natural to want to protect those hard-earned assets. Despite your diligent savings efforts, unexpected financial challenges are always a possibility. But with careful preparation, you can establish a plan that helps provide peace of mind as you approach your golden years.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In this blog, we&#8217;ll explore the advantages of crafting a retirement plan that aligns with your unique needs and goals and employing the appropriate strategies. Here&#8217;s what you should keep in mind.<\/span><\/p>\n<h3><b>Having a Plan<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Sounds obvious, right? Yet <a href=\"https:\/\/www.surveymonkey.com\/curiosity\/cnbc-financial-literacy-2023\/\">56% of Americans<\/a> say they\u2019re not on track to comfortably retire. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A retirement plan is the foundation for turning your dreams into reality. This first step is about more than just daydreaming; it&#8217;s about setting concrete goals and defining your priorities. Why is this starting point so crucial? Because it provides you with direction and purpose. It&#8217;s like planning a cross-country road trip: you need to know your destination before you hit the road.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Similarly, it would help to have a destination <em>before<\/em> your retirement journey begins. How do you want to spend your golden years? Downsizing to live closer to family or setting sail across the Florida Keys to live a life of luxury? Or maybe somewhere in between? This personal vision motivates you and helps you make informed financial decisions to achieve your desired retirement lifestyle.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let&#8217;s look at some<a href=\"https:\/\/johnsonwim.com\/3-vital-questions-for-a-successful-retirement\"> key factors to keep in mind as you craft your retirement plan.<\/a><\/span><\/p>\n<h3><b>Funding Your Retirement<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Understanding your current and expected expenses, and how they align with your retirement vision, is your next big consideration.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As we just covered, thinking deeply about the life you want to lead during your retirement years is an important step in your long-term plan. Setting clear goals and intentions can help you set priorities to help reach those goals, and<a href=\"https:\/\/johnsonwim.com\/helping-protect-your-retirement-investments\"> funding that dream is a big part of that.<\/a><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you determine your &#8220;retirement number&#8221; (how much you need to save to achieve your desired lifestyle goals), you&#8217;ll need a 360 degree view of all your income sources. These can include:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Regular Contributions: <\/b><span style=\"font-weight: 400;\">Consistently contributing to retirement accounts like your 401(k), IRA, or other investment vehicles is crucial. These contributions have the potential to grow over time, helping you accumulate a significant nest egg.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Diversified Investments:<\/b><span style=\"font-weight: 400;\"> Diversified investments can provide a reliable source of income during retirement. Your financial advisor can help design an income strategy that aligns with your needs. You can also learn how to include diversification strategies in your <a href=\"https:\/\/johnsonwim.com\/tax-diversification-strategies\">retirement tax planning<\/a>.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Social Security and Pensions:<\/b><span style=\"font-weight: 400;\"> Understand how <a href=\"https:\/\/johnsonwim.com\/social-security-changes-retirees-should-know\">Social Security<\/a> benefits work and when it&#8217;s most advantageous to start collecting them. Delaying benefits can lead to larger monthly payments. If you&#8217;re fortunate to have a pension, evaluate your pension options, including lump-sum payouts or structured income streams.<\/span><\/li>\n<\/ul>\n<h3><strong>Risk Management\u00a0<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">From market volatility to longevity, retirees face a slew of risks in their golden years. Understanding the risk factors that can come between you and your ability to retire (both how and when you want) is an important step toward meeting your retirement goals.<\/p>\n<p><span style=\"font-weight: 400;\">The term \u201crisk management\u201d can be a bit of a buzzword, but it\u2019s really just a structured approach to addressing risks.\u00a0 The most common among them are outliving their savings, high medical bills and unexpected costs, such as major home repairs. When it comes to investing, the risk-reward ratio is a mathematical calculation used by investors to measure the expected gains of a given investment against the risk of loss.<\/p>\n<p><span style=\"font-weight: 400;\">Risk management is best understood not as a series of steps, but as a cyclical process in which new and ongoing risks are continually identified, assessed, managed, and monitored. This provides a way to update and review investment planning strategies as new developments occur and then to take steps to help protect your nest egg.<\/p>\n<p><span style=\"font-weight: 400;\">Retirement planning means finding the best way to help protect the life that you\u2019d like to be living after you stop earning income from employment. And Risk Management should be a big consideration of every <a href=\"https:\/\/johnsonwim.com\/services\">retirement income plan<\/a>.<\/p>\n<h3><b>Factor In Health Care Costs<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">As mentioned, healthcare costs are an overseen consideration that can devastate your retirement income. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s essential to consider<a href=\"https:\/\/johnsonwim.com\/financial-planning-for-a-longer-retirement\"> healthcare expenses,<\/a> which tend to rise as you age when planning for retirement. A 65-year-old retiring this year can expect to <a href=\"https:\/\/newsroom.fidelity.com\/pressreleases\/fidelity--releases-2023-retiree-health-care-cost-estimate--for-the-first-time-in-nearly-a-decade--re\/s\/b826bf3a-29dc-477c-ad65-3ede88606d1c\">spend an average of $157,500 in health care and medical expenses<\/a> throughout retirement. It&#8217;s important to account for these costs when estimating your retirement budget. Here are just some of the key components to factoring healthcare into your retirement plan:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Long-Term Care:<\/b><a href=\"https:\/\/www.altcp.org\/long-term-care\/\"><span style=\"font-weight: 400;\"> 70% of people 65 and older<\/span><\/a><span style=\"font-weight: 400;\"> will need long-term care in the next few years. This can include in-home care, assisted living facilities, or nursing homes. These services can be extremely costly, so it&#8217;s wise to investigate long-term care insurance options or set aside funds.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Medicare Coverage: <\/b><span style=\"font-weight: 400;\">Understanding your Medicare options is crucial. Medicare consists of parts (A, B, C, and D), each covering different aspects of healthcare. Enroll in the appropriate parts based on your needs, and be aware of open enrollment periods and any changes in coverage.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Health Savings Account (HSA): <\/b><span style=\"font-weight: 400;\">HSAs allow you to save money tax-free and use it for qualified medical expenses.<\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-8889\"><span style=\"font-weight: 400;\"> In 2023<\/span><\/a><span style=\"font-weight: 400;\">, you can contribute up to $3,850 if you have health coverage just for yourself or $7,750 if you have coverage for your family. At age 55, individuals can contribute an additional $1,000.<\/span><\/li>\n<li aria-level=\"1\"><strong>Insurance Planning:<\/strong> <span style=\"font-weight: 400;\">As the American lifespan increases, retirement funds now need to last longer than ever, and may need to cover increased medical costs. Long-term care <a href=\"https:\/\/johnsonwim.com\/dos-and-donts-of-insurance-planning\">insurance<\/a> is intended to offset expenses like in-home care, assisted living, adult daycare, hospice, and other specialty facilities that aren\u2019t covered by health insurance or Medicare.<\/li>\n<\/ul>\n<h4><b>Have An Estate Plan<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">It&#8217;s a common misconception that only the uber wealthy should have an <\/span><a href=\"https:\/\/johnsonwim.com\/smart-estate-planning-for-iowa-retirees\"><span style=\"font-weight: 400;\">estate plan<\/span><\/a><span style=\"font-weight: 400;\">\u2013this couldn&#8217;t be further from the truth. Regardless of your age or financial status, considering estate planning can help protect your family by managing your financial assets and healthcare decisions during your lifetime and after passing. Here&#8217;s a deeper look into why <a href=\"https:\/\/johnsonwim.com\/free-estate-planning\">estate planning <\/a>is crucial for everyone planning for retirement:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Asset Distribution:<\/b><span style=\"font-weight: 400;\"> A central component of estate planning is creating legal documents such as wills, trusts, and powers of attorney. These documents are vital in determining how your assets will be distributed upon your passing. Having a<a href=\"https:\/\/johnsonwim.com\/smart-estate-planning-for-iowa-retirees\"> well-crafted estate plan<\/a> allows your assets to go to the individuals or organizations you care about rather than being subject to state intestacy laws.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Life Changes:<\/b><span style=\"font-weight: 400;\"> Life is dynamic, and significant events such as births, deaths, marriages, divorces, or changes in financial circumstances can have a profound impact on your estate plan. It&#8217;s crucial to regularly review and update your estate plan to reflect these changes. Failing to do so can lead to unintended consequences and disputes among beneficiaries.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Minimizing Taxes: <\/b><span style=\"font-weight: 400;\">Estate planning also encompasses strategies to minimize estate taxes, ensuring that more of your assets go to your heirs rather than the government. Proper planning can help you take advantage of available tax exemptions and deductions.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Having an up-to-date estate plan can help provide peace of mind, knowing that your affairs are in order and your loved ones will be cared for by your wishes. By collaborating with a<a href=\"https:\/\/johnsonwim.com\/about\">\u00a0Fiduciary advisor\u00a0<\/a>with experience in estate planning, you can help to effectively identify tax-efficient strategies to help minimize your tax burden and help ensure the distribution of your assets aligns with your needs.<\/span><\/p>\n<h4><b>Working With A Fiduciary Advisor<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Last but not least, working alongside a financial professional such as a Fiduciary advisor can help you set realistic goals and expectations for your retirement. Planning for retirement isn&#8217;t a set-it-and-forget-it task. Life keeps changing, markets go up and down, and your goals may evolve. That&#8217;s why regularly reviewing and adapting your retirement plan with your chosen advisor is crucial.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At Johnson Wealth and Income Management, our<\/span><a href=\"https:\/\/johnsonwim.com\/our-team\"><span style=\"font-weight: 400;\"> CEO and President, Matthew P. Johnson<\/span><\/a><span style=\"font-weight: 400;\">, has helped hundreds of families across Iowa and Southern Minnesota build and manage financial success since 1999. Matthew and his <a href=\"https:\/\/johnsonwim.com\/our-team\">talented team<\/a> concentrate on teaching clients about income-focused investing and helps them in crafting a well-thought-out retirement plan. With a financial advisory firm like Johnson Wealth and Income Management by your side, you can help stay on the right financial track and make the necessary adjustments to secure your dream retirement.<\/span><\/p>\n<h4><b>Last Thoughts<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Choosing the right retirement lifestyle is a personal journey that requires careful consideration and planning. With the right financial knowledge and guidance, you can work towards achieving all your financial goals to help build a \u201cworry free\u201d retirement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Johnson Wealth and Income Management can thoroughly assess your financial situation, identify potential risks, and help you create a personalized plan tailored to your unique needs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ready to get started?<\/span><a href=\"https:\/\/johnsonwim.com\/contact\"><span style=\"font-weight: 400;\"> Contact us today to schedule your complimentary retirement consultation.<\/span><\/a><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><small>All written content on this site is for informational purposes only. Opinions expressed herein are solely those of Johnson Wealth &amp; Income Management and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. Johnson Wealth &amp; Income Management and Sound Income Strategies LLC are not associated entities. Johnson Wealth &amp; Income Management is a franchisee of the Retirement Income Source. The Retirement Income Source and Sound Income Strategies LLC are associated entities. \u00a9 2023 Sound Income Strategies.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;ve invested years in growing your retirement savings, it&#8217;s natural to want to protect those hard-earned assets. Despite your diligent savings efforts, unexpected financial challenges are always a possibility. But with careful preparation, you can establish a plan that helps provide peace of mind as you approach your golden years. In this blog, we&#8217;ll [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15860,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[37],"tags":[105,374,475,85,480,71,82,477,47,265,338,148,149,317,308,266,145,318,481,478,291,191,106,29,125,63,479,391,476],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Considerations When Building a Retirement Plan<\/title>\n<meta name=\"description\" content=\"If you&#039;ve invested years in growing your retirement savings, it&#039;s natural to want to protect those hard-earned assets. 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