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Retirement Planning

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Retirement planning shouldn’t be hard

After you spend most of your adult life working for someone else, it’s time to spend your life doing what makes you happy during your retirement years. If you’re near your retirement years, you know what that means  an income of about 75 percent of what you earned while employed full-time, as well as funds for health care and a nest egg to help you reach goals like a boat or RV, vacations, art projects, or building a dream home. If you haven’t already, take a careful look at your retirement accounts and work with a qualified, trusted financial professional to help you make the most out of your golden years.

We recommend gathering your assets and setting aside funds today, even if you aren’t going to start retirement for years. A financial professional or retirement advisor can help you decide how much money to save, where to invest your money, and how to plan for income taxes.

Creating a Plan for Retirement

Specialists ranging from Wall Street brokerages to the U.S. Department of Labor to top-tier financial reporters agree: The surest way to plan for your golden years is putting aside savings in your 20s. This means more years for your money to grow in the stocks and bonds market, and it means you won’t have to decrease your standard of living toward the end of your professional life as you get ready for years away from your retirement.

Retirement Income Strategies Financial Products
After putting aside a portion of your income for several months, choose how to invest your developing accounts. The most widely suggested option is a fund with tax savings benefits such as a 401(k), which you set up through an employer, or an IRA (individual retirement account), which you set up on your own. You can set aside retirement funds before the income is taxed or you can receive it during your retirement years without accruing taxes. If you invest without these tax advantages, you will be taxed on the original income and at the capital gains rate when you earn profits. You can also choose between investing in bonds, stocks, or a combination of thereof more commonly referred to as a mutual fund.

Your strategy may change over time as the stock markets change. You can keep up with the basics of developing a strategy for retirement by reading business blogs, but a financial specialist has the experience to take in all the details and implications. If you work with a financial advisor you can rely on, you will save yourself stress and hassle and have a much higher chance of success.

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Developing a strategy for retirement can be complicated, and it gets even more confusing when you are looking decades in advance. The professionals at The Diamond Group are dedicated to helping you make the choices that are suitable for your life and financial situation.