It’s time to relax.
You’ve worked hard to build a career and make a living. Now it’s time to enjoy the fruits of your labor as you move into retirement. Only, are you ready? Without active work to generate income, is your nest egg strong enough to support you through the rest of your life? Are you prepared for unexpected life changes?
Calvert Investment Counsel can help you prepare. They will share with you the secrets of what, when and how to best build and secure your retirement income when the time comes for you to leave work behind and let your money work for you
Here’s what you need to know about Maryland retirement income planning.
- What you’ll need. First you’ll need to take the time to look at your retirement expectations and financial capabilities to figure how much income you will require. Will you have a mortgage or be taking care of an aging parent? What type of health insurance will you need? Thorough analysis of living expenses will determine how to best manage and build a savings and investment program designed for your specific needs and goals.
- What could happen? You should also consider the unexpected circumstances that could become an issue. Long-term health care costs should you or a dependent become seriously ill, the death of a spouse, or even major home repairs are just a few possibilities that retirees must consider to prepare a retirement plan that will meet all future needs.
- What to expect from inflation. As the years pass it’s important to understand how inflation can impact your retirement funds. As prices rise, will your investments go up? How will a higher cost of living affect your daily budget when earning a salary and raises are no longer possible?
- When did/will you begin? When you start planning and saving toward retirement will play a huge roll in how long it will take to the build the nest egg you need and expect. While it’s always best to begin as early as possible, everyone’s time restraints are different and good counsel will be able to calculate the optimal age you can expect to retire with adequate savings.
- When you start using your funds. The market conditions at the time you begin to draw down an income from retirement investments also affects how long your funds will last and how investments might continue to grow. For instance, low interest rates at the time of retirement will affect the growth of savings and assets. As you pull from your investments, the lower sums will earn lower returns and your savings could be depleted prematurely.
- How to get the most from your money. Calvert Investment Counsel advisors know how to identify and maximize all your sources of income. Minimizing the taxes on pensions and Social Security can help meet your income requirements and make investment draw downs less and last longer.
- How to best implement a savings and investment program. Understanding how your savings capacity, time horizons, and risk tolerance work together, advisors can design a program to meet your individual needs. Saving small amounts over a long period of time allows funds to compound with little risk for some clients, while investing more aggressively might be a better option for others.
- How to pull it all together. With clear objectives and sound planning in place, the next step is comprehensive asset management. As things change in the market and in life circumstances, your portfolio will need to adjust as well. Everything from insurance, taxes and asset allocation must be reviewed continually to keep your retirement plans protected on track.
Here’s Your Next Step:
Retirement should be a time to rest from a lifetime of working. Now is the time to work with Calvert Investment Counsel to design a retirement income plan that can achieve your goals – so you can truly relax.
Call us today at 410-435-3270 or click here to schedule your consultation.