Maximizing Your Retirement Income
Jeff Martin is a financial advisor at Cornerstone based in Reno, NV. Jeff has earned the Life and Health Insurance Licensure and has passed the Series 65 examination. He enjoys being able to help clients create customized strategies for their portfolios based on their unique financial goals.
MAXIMIZING YOUR RETIREMENT INCOME
As you look ahead to your retirement years, it’s important to ensure your hard-earned savings are working effectively for you. Your post-retirement phase is a golden opportunity to enjoy the fruits of your labor, and with a bit of strategic planning, you could maximize your income, giving you the freedom to live your retirement dreams.
START WITH A SOLID FOUNDATION: SAVINGS ACCOUNTS
Saving for retirement often starts with a reliable savings account. These accounts typically offer growth through an interest rate which can provide a more stable return, while having ease of access. Here are a few tips to get the most out of your savings accounts:
- High-Yield Savings Accounts: These accounts offer higher interest rates compared to regular savings accounts, allowing your money to grow more substantially over time.
- Certificates of Deposit (CDs): If you’re looking for a low-risk investment with a guaranteed return, CDs can be a great option. They often offer higher interest rates than regular savings accounts but require you to lock in your money for a specified period.
- Online Savings Accounts: These typically come with fewer fees and higher interest rates than traditional bank accounts, making them a worthwhile consideration.
CONSIDER DIVERSIFICATION: INVESTMENTS
While savings accounts are an important component, investments can play a crucial role in the growth of your retirement income. Diversifying your portfolio can help manage risk and increase potential returns. It is recommended to have a clear understanding of your risk tolerance and ensure that your risk exposure is in alignment with it.
SEEK PROFESSIONAL GUIDANCE
Navigating the complexities of retirement planning can be overwhelming, but you don’t have to do it alone. Financial advisors can help you chart a course toward a fulfilling retirement. They can provide personalized advice, helping to ensure your savings and investments align with your goals and risk tolerance.
STAY INFORMED AND FLEXIBLE
The financial landscape is ever-evolving, so it’s important to stay informed about new opportunities and changes that may affect your retirement income. Regularly reviewing and adjusting your savings and investments can help you stay on track and make the most of your financial resources.
WHERE TO GO FROM HERE
In conclusion, maximizing your retirement income requires a combination of savings accounts and strategic investments. By building a diversified portfolio and seeking professional guidance, you can be on the path to obtaining your financial goals, allowing you to embrace retirement with confidence and joy.
At Cornerstone, we look at the entire retirement picture for our clients, including the investments that we determine will make the most sense based on income needs and retirement dreams. To see how we can help you live out your ideal retirement, call us at (775)853-9033 or click here.
Based in Reno, NV, Cornerstone is for individuals and families looking to grow wealth, protect and preserve their life savings, and plan for the distribution of their estate in a tax-efficient manner through a tailored strategy. Schedule a time to discuss your financial goals with us.
This information does not constitute legal or tax advice. PCIA and its associates do not provide legal or tax advice. Individuals should consult with an attorney or professional specializing in the fields of legal, tax, or accounting regarding the applicability of this information for their situations.
Advisory products and services offered by Investment Adviser Representative through Prime Capital Investment Advisors, LLC ("PCIA"), a federally registered investment advisor. PCIA: 6201 College Blvd., Suite #150, Overland Park, KS 66211. PCIA doing business as Prime Capital Wealth Management ("PCWM") and Qualified Plan Advisors ("QPA"). ©2023 Cornerstone Retirement Group, Inc. - All Rights Reserved.