Skip to main content

Sponsored Content

Take a Holistic Approach to Retirement Planning

04/03/2017 11:41AM, Published by Jennifer Gonzalez, Categories: CV Family Family Features Lifestyle, CV PARENT LIFE, SENIOR LIVING, Family Features




Although retirement is a milestone for all working adults, decades of hard work may not pay off if you haven’t planned for your financial needs once a regular paycheck stops coming.

According to research by the Insured Retirement Institute (IRI), millions of Baby Boomers stepping into their retirement years have unrealistic expectations and lack a full understanding of the danger of running out of money during retirement. However, the challenges do not stop with Baby Boomers. A recent study indicated 47 percent of Gen-Xers and more than half of Millennials believe a secure retirement is beyond their reach.

“Most people recognize the need to grow their wealth before retirement, but getting there isn’t always a clear path,” said Cathy Weatherford, IRI president and CEO. “Starting early and taking a holistic approach to financial planning is truly essential for a safe and dignified retirement.”

Experts generally concur that it’s never too early to begin planning for retirement, but depending on your stage of life, your approach may vary. Consider this advice from the experts at IRI to get on a path toward financially secure retirement.

Student
Forming good money habits can set you up for a lifetime of success. An act as simple as putting spare change in a jar can help you start saving. Talk to adults you trust about how to create a budget and work toward a financial goal. Auto insurance and cell phone bills are important expenses to factor into your budget.

Building a career
Once you have a solid budget, stick to it and set aside some money to save. Compound interest adds up over time and the earlier you start compounding, the better. Credit will also start to play more of a factor in your life, as major expenses like buying a house or car, or starting a business rely greatly on your credit.

Mid-career
At this stage, your employer may offer a retirement savings plan. Whether you have various investments to manage or not, you should start to look at your building your portfolio and retirement plan. This mid-career life stage is a good time to set a retirement savings goal, and now is also the time to consider hiring a financial advisor.

A professional can help you explore less understood but worthwhile approaches to holistic retirement planning such as annuities. Annuities are essentially insurance contracts that come in different types and offer several options to meet a variety of financial objectives. They are a guarantee of income as you age.

Late career
At this stage, you probably have a better idea as to when you will be able to retire, but it’s important to review your savings on an annual basis and make adjustments, if needed, to stay on track. As you approach retirement, you’ll want to research Social Security, Medicare and long-term care options to ensure you have a comprehensive view of your future finances.

Ready for retirement
If you haven’t already done so, the time has come to better research your Social Security benefits (and when it’s best to start accessing them), Medicare coverage and long-term care options. This is the time to start making some choices, such as whether you will downsize your home and how to eliminate as much debt as possible. One of the more complex aspects surrounding retirement can be determining which of your accounts to tap and in what order, and a professional can help guide you.

Explore more resources and tools to aid your retirement planning at retireonyourterms.org.

Photo courtesy of Getty Images

Sponsored by Insured Retirement Institute



Family Features Family Features Lifestyle SENIOR LIVING CV PARENT LIFE


  • Renaissance Classical Preschool Summer Camp

    06/23/2017
    07:00AM — 06:00PM

    Renaissance Classical Preschool Summer camp June 12th-August 4th. Our Summer camp is designed to ...


  • Fourth Friday

    06/23/2017
    06:00PM — 10:00PM

    Fourth Friday is a true downtown celebration of the arts. Exhibitors and artists of all types com...


  • Birthday Dance & Potluck

    06/23/2017
    09:00PM — 01:00AM

    Celebrate your birthday month with others every 4th Friday of the month! Birthday dance & potluc...


  • Summer Kickoff Party

    06/24/2017
    09:00AM — 05:00PM

    Kick stands up! Time to kick off summer with a bang. Come and enjoy live music featuring Ethan Ha...


  • Beer Mile

    06/24/2017
    09:00AM

    Registration starts at 9:00 • First group is at 9:30 • Next group goes at 10:00 • Then the rel...


  • Korean War Remembrance Ceremony

    06/24/2017
    10:00AM — 11:00AM

    The Airborne and Special Operations Museum hosts its annual Korean War Remembrance Ceremony. This...


  • Perennial Pot with Broken "Stuff" Workshop

    06/24/2017
    10:00AM — 11:00AM

    It is time to get your hands a little dirty! Join us THIS Saturday, June 24th, at 10:00 am fo...


  • Silly Saturday

    06/24/2017
    11:00AM — 01:00PM

    Every fourth Saturday, Fascinate-U hosts a special guest or a special activity for the children. ...


  • Public Works

    06/24/2017
    12:00PM — 04:00PM

    Come see all types of visual art for all ages. Visit the Arts Council's galleries to see the lar...


  • Amateur "Ham" Radio Field Day

    06/24/2017
    02:00PM — 02:00PM

    Amateur Radio “Field Day” June 24-25 Demonstrates Science, Skill and Service June 11, 2017 ...


  • Out of Sight Wing Fling

    06/24/2017
    03:00PM — 08:00PM

    SAVE THE DATE, The Vision Resource Center Second Annual “Out of Sight” Wing Fling Fundraising Eve...


  • Birding in the Sandhills

    06/24/2017
    06:00PM

    Attention bird enthusiasts and those of the like! Join Ranger Fields and local birder extraordina...


  • SwampDogs Game

    06/24/2017
    07:00PM

    Florence RedWolves at Fayetteville SwampDogs


  • The Fayetteville Area Shaggers' Hall of Fame will host an Induction Ceremony and Party to honor s...


  • Huske All White Party

    06/24/2017
    10:00PM — 02:00AM

    Huske Hardware House is hosting a All White Party so come dressed to impress and dance the night ...


  • Renaissance Classical Preschool Summer Camp

    06/27/2017
    07:00AM — 06:00PM

    Renaissance Classical Preschool Summer camp June 12th-August 4th. Our Summer camp is designed to ...


  • Tai Chi for Health

    06/27/2017
    10:00AM

    Practice this flowing eastern exercise with instructor Rich Martin while overlooking the Garden. ...


  • Firecracker 4 Miler

    07/04/2017
    07:00AM — 10:00AM

    Fayetteville’s Premier Road Running Event returns on Tuesday July 4, 2017. Come on out and suppor...


  • Rap and R&B fans, get ready! International-recording artists Rick Ross and K. Michelle are coming...


CityView Facebook
CityView Family Facebook