Spotlight on Business
Beacon Financial Group
by David Greene
With the record number of baby boomers entering retirement age, it is very important to ask yourself if you have done everything possible to maximize your income during retirement.
When I am sitting with baby boomers, probably over 90% have either planned their own financial future or worked with a financial advisor to accumulate as many assets as possible over the years. The major problem that needs to be recognized is that you are now entering the distribution phase of your financial life. Planning is completely different during the distribution phase versus the accumulation phase.
One (of many) of the aspects you need to look into is how best to maximize sources of income you will be receiving. Yes, there are numerous ways and things to consider when determining how to maximize sources of income such as Social Security, Pensions and withdraws from your personal assets.
This is not the time to wish you had done something different in the past or to blame any deficiencies on unforeseen circumstances. What you need to do is to see where you currently stand and look at what will be needed in the future and go from there. With life expectancies increasing and health care costs and taxes anticipated to rise, failing to plan this most critical phase of your financial future will be devastating. With poor planning now, you can greatly lose a lot that you have worked so hard for.
Sticking your head in the sand now may surely spell defeat as we age and our accumulations have been depleted. I come across many Baby Boomers that do not even realize the need for proper social security and pension planning, thus significantly reducing the two out of possibly three sources of future lifelong income.
If you would like to sit and just have a conversation about your concerns and see if you are on the right track, I would welcome that opportunity. I always work to educate individuals first, regardless of whether someone chooses to use our services or not.
I strongly urge you to take advantage of this and also receive our free “Retirement Survival Guide.” Beacon Financial Group, 1489 W. Warm Springs Rd., Ste 110, Henderson, NV 89014. 702-939-4912.