The day a person gets to retire is often one of the most joyous of their career. That day might be very far off into the future without a proper retirement plan. Retirement planning includes identifying sources of income, estimating expenses, managing assets, and creating and following a savings program.
When it comes to retirement planning, San Diego residents have several options—but Duffy Kruspodin, LLP stands out as one of the best San Diego accounting firms. We have been providing trusted retirement planning services in San Diego for more than 25 years and can help you create a plan that takes both your personal and financial goals into perspective.
Our team of qualified financial professionals is committed to helping our clients plan for their financial future and define and live out their ideal retirement. We listen to your needs and wishes and create a financial plan that’s tailored to you. Here is what you need to know about creating a solid retirement plan that will help you live out your dreams.
3 Things to Consider as Part of Your Retirement Plan
Your Ideal Retirement Lifestyle
As we get older, we typically become accustomed to a higher standard of living. Some people may be fine with lowering that standard once they hit retirement age, while others are not willing to give that up; both situations can work if you plan for them. While your idea of the perfect retirement lifestyle may change, it’s important to think about how you would like to be living once you are done working—it will help lay the foundation of how much you should save before you retire.
Retirement Income
Contrary to popular belief, just because you are no longer working does not mean you will not have an income in retirement. For most people, this income will be in the form of a nest egg or a large enough savings you can withdraw from without depleting. You can build that account through regular savings, IRAs, 401Ks, pensions, Social Security, and company distributions.
There are other ways to create retirement income, though; investments, business ownership, royalties, real estate, and other sources can also help provide passive income. A retirement planner can help you identify these potential sources of income and help you determine the actions to take to make sure your financial goals are met by the time you decide to retire.
Expenses & Debt
You will also need to anticipate the expenses you will have during retirement. This includes the money you spend on food, housing, transportation, travel, bills, and other expenses. Depending on your insurance, you will also need to consider medical expenses because as you age, they may become more significant. A retirement planning expert can help you use your current expenses to give you an idea of what you may have to pay later.
As you plan to retire, you will want to make sure you are paying down any debt you might have—including a mortgage. The less debt you have, the more income you have to spend on other things, like your grandchildren or travel, and live a more comfortable retirement life.
Start Planning For Your Retirement Now
Achieving a comfortable retirement is an extensive process that takes prudent planning and years of persistence. Even when you do retire, it is an ongoing process to manage your retirement funds and make sure you are still on track with your goals.
It is never too early to start planning for your retirement. Even if you are early in your career, start setting aside money now. As you continue into your career, it becomes more important to set retirement goals and take more substantial steps to achieve them. The sooner you start your retirement planning, the better off you will be when the time comes.
Finding an experienced and understanding retirement planning firm can make an incredible difference in the lifestyle you’re able to live after you retire. If you are looking for San Diego retirement planning services or have questions about how you can reach your goals, contact Duffy Kruspodin, LLP today by calling our San Diego office at 858-642-5050..
