Skip to main content

Saratoga Financial Services

  •  Tel: 518-584-2555
  •  Fax: 518-584-3762

Saratoga Financial Services

  • Home
  • About Us
    • Our Team
    • Our Process
    • Why Choose Us
    • Our Community
  • Our Services
    • Retirement Planning
    • Investment Management
    • Business Retirement Plans
  • Learning Center 
    • Blog
    • Articles of Interest
    • Calculator Library
    • Market Insight
    • COVID-19 Updates & Resources
  • Riskalyze
  • Contact Us

Financial Markets will be closed Monday, July 4th 2022. Therefore, our office will be closed as well in observance of 4th of July. 

“Your Path, Your Journey, Your Destination.”

 

Let us help you build a confident retirement

  Previous   Next

    You are here

  1. Home
  2. Steps Toward Achieving Your Retirement

Steps Toward Achieving Your Retirement

a5.jpg

Step 1 - Determine Your Cost of Retirement

Achieving your retirement objectives will not happen automatically. The first step to consider as retirement approaches is to determine your cost of retirement. Your cost of retirement will be affected by many factors. Three of the most significant are:

  • Your monthly retirement living expenses - A common rule of thumb is somewhere between 70% and 100% of your annual earned income prior to retirement.
  • Your retirement age - This is the age at which you plan to stop working full time and start accessing your retirement portfolio assets.
  • Your life expectancy - This will define how many years your retirement costs will continue to be incurred.

Step 2 - Apply Your Income Sources

Once your cost of retirement assumptions have been defined, you can start to look at the income sources that may be available to you in retirement to help offset your retirement costs. Income sources may include among other things:

  • Social Security
  • Pensions
  • Immediate annuity payments

Step 3 - Withdraw from Your Portfolio Assets

Once your available income sources have been applied to your cost of retirement, you can take withdrawals against your portfolio assets to make up the difference. Portfolio assets commonly include:

  • Brokerage accounts
  • Money Market accounts
  • 401(k)s, 403(b)s, and other employer-sponsored retirement accounts
  • IRAs
  • Fixed Annuities

Step 4 - If Necessary, Consider Changes

If you determine that you are not on track to achieve your retirement objectives, you will need to consider making some changes. These changes may include:

  • Saving more before you retire
  • Redefining your retirement age
  • Considering part time employment during retirement
  • Spending less during retirement
  • Combination of above

Fixed annuities are long-term investment vehicles designed for retirement purposes. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Guarantees are based on the claims paying ability of the issuing company. Withdrawals made prior to age 59 ½ are subject to a 10% IRS penalty tax and surrender charges may apply.

Source: WealthVision

Tracking #1-464296

Blog

Sign Up for Our Monthly Newsletter

18 Division St, Suite 305
Saratoga Springs, New York
12866 United States

  •  Tel: 518-584-2555
  •  Fax: 518-584-3762
  •  Robert.Schermerhorn@lpl.com
  •  
  •  

Proud Member of:

   

Securities and advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC.

Please review Important Disclosure Information set forth in the last section of this web site. Due to various state and federal regulations and registration requirements concerning the dissemination of information relating to investment products and services, we are currently required to limit access of this web site to individuals residing in states where we are currently registered.

We are currently registered to conduct business in the following states:  Arizona, California, Colorado, Connecticut, DC, Florida, Hawaii, Idaho, Illinois, Iowa, Maine, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas, Utah, Vermont, Virginia, Washington and Wisconsin.

© 2022 Saratoga Financial Services. All rights reserved.

Website Design For Financial Services Professionals