Planning for a comfortable and fulfilling retirement in Chicago? Platinum Financial Associates can help you develop a personalized retirement plan to achieve your goals.
Planning for retirement means you need to carefully assess your current financial situation, your desired lifestyle in retirement, and the development of a strategic plan to bridge the gap between the two. We offer a comprehensive range of retirement planning services in Chicago to guide you through this process:
We'll help you project your income needs in retirement, considering factors like inflation, healthcare costs, and your desired lifestyle. Our retirement income planning services will provide you with a clear picture of your estimated expenses and help you develop strategies to ensure you have sufficient income to maintain your desired standard of living.
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Developing effective retirement savings strategies is crucial for a financially secure future. We'll work with you to create a personalized savings plan that aligns with your goals and risk tolerance, exploring tax-advantaged options like 401(k)s, IRAs, and other retirement plan services to maximize your savings potential.
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We'll create a diversified investment portfolio designed to grow your retirement savings over the long term. Our investment management services for retirement accounts consider your risk tolerance, time horizon, and retirement goals, adjusting your strategy as needed based on market conditions and your changing needs.
Determining how and when to withdraw your retirement savings is a critical aspect of retirement planning. Our retirement distribution planning services at Platinum Financial Associates guide you through decisions about Social Security, pensions, and investment withdrawals to help you create a sustainable income stream throughout your retirement years.
Contact our retirement planning advisors in Chicago today for a personalized consultation and take the first step towards a financially confident retirement.
A well-structured retirement plan is essential for ensuring financial confidence and clarity in your later years. It provides a roadmap for working toward your retirement goals, such as maintaining your lifestyle, pursuing hobbies, or traveling. Without a plan, you risk outliving your savings or having to make significant compromises to your desired quality of life. A comprehensive retirement plan factors in your individual circumstances, risk tolerance, and financial goals, providing a tailored strategy for a successful retirement.
Retirement income typically comes from a combination of sources, each with its own characteristics and benefits:
Social Security is a government-provided program that offers a foundation of retirement income based on your work history. The amount you receive depends on your earnings history and the age at which you start collecting benefits.
Pensions are employer-sponsored retirement plans that provide a fixed monthly payment in retirement. Your pension benefit is typically calculated based on your salary and years of service with the company.
Tax-advantaged retirement savings accounts, such as 401(k)s and IRAs, allow you to save and invest for retirement, potentially growing your savings significantly over time. These accounts offer tax benefits, such as tax-deferred growth or tax-free withdrawals in retirement, depending on the specific type of account.
Annuities are contracts with insurance companies that can provide a guaranteed stream of income in retirement, often for life. Annuities can offer peace of mind by providing a predictable income stream, regardless of market fluctuations.
Non-retirement investment accounts, such as brokerage accounts and mutual funds, can supplement your retirement income through dividends, interest, and capital appreciation.
Guaranteed income refers to income streams that provide a fixed and predictable payment amount, typically for life. Social Security, pensions, and certain types of annuities are common sources of guaranteed income in retirement. These income sources can provide a sense of confidence and stability, knowing that you'll receive a consistent payment regardless of market fluctuations.
Relying on a single income source in retirement can be risky. In this case, diversifying your income streams can help mitigate risks associated with inflation, market volatility, and potential changes to Social Security or pension benefits. Having multiple sources of income helps you create a more resilient retirement plan that can better withstand unexpected events.
Platinum Financial Associates is a Chicago-based financial planning firm committed to helping individuals and families pursue their financial goals. We take a personalized approach to retirement planning, working closely with you to understand your unique needs and aspirations.
We create customized retirement plans tailored to your circumstances, goals, and risk tolerance.
Our team has extensive experience in retirement planning and investment management, guiding you through every step of the process.
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As fiduciaries, we are legally and ethically obligated to act in your best interests at all times.
Our team of dedicated advisors is here to guide you toward a confident and fulfilling retirement.
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Experienced tax professional with a passion for helping businesses thrive.
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Administrative Associate
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It's never too early to begin thinking about your retirement and seeking out retirement planning services in Chicago. The sooner you start planning, the more time your savings have to grow. Even if retirement seems far off, starting early allows you to take advantage of compound interest and potentially accumulate a larger nest egg. Early retirement planning also gives you more flexibility to adjust your savings strategy as your life circumstances change.
How much money you'll need for retirement in Chicago is a crucial aspect of planning for retirement. There's no one-size-fits-all answer, as retirement expenses vary widely based on your desired lifestyle, health, and individual circumstances. However, a general rule of thumb is to aim for 70-80% of your pre-retirement income. Consider factors like housing costs in Chicago, healthcare expenses, travel plans, and potential inflation when estimating your retirement needs.
There are numerous benefits of working with a retirement planning advisor in Chicago such as personalized guidance, objective advice, and ongoing support throughout your retirement journey. A qualified retirement plan advisor can help you develop a customized retirement plan tailored to your specific goals, risk tolerance, and financial situation. They can also help you navigate complex financial decisions, such as Social Security claiming strategies, investment allocation, and retirement income distribution. Plus, a retirement advisor can help you stay on track with your savings, holding you accountable and making adjustments as needed.
When you change jobs in Chicago, you generally have several options for managing your retirement plan:
Each situation is unique and with its nuance, so consult with retirement planning professionals before making the decision.
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Contact us today to discuss your retirement goals and learn how we can help you achieve them.
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