Are You Having to Handle Money All By Yourself?
Whether you are divorced, widowed, or a lifelong single person, planning your retirement finances and having to handle money all by yourself can be extremely challenging when you only have yourself to rely on. You only have one Social Security, maybe a pension, and the assets you as an individual have saved.
Establishing a written plan is crucial to ensuring your future financial success. A solid written financial plan should include the following:
- An Income Plan detailing how much income you will receive each year and where each income source comes from so that you can be confident knowing your income will not run out.
- A Risk Analysis stating how much risk you’re taking currently and how you plan on eliminating or managing any possible large losses to your savings.
- A Fee Analysis showing how much you’re paying in fees, both direct and hidden, as well as a way to reduce them.
- An income dependability analysis guaranteeing that your income will last for as long as you live by showing you how to create ‘Retirement Paychecks’ each month.
- Monthly Income Needs Analysis outlining exactly how much income you’ll want to live the retirement of your dreams.
- An Income Tax Analysis estimating your total taxes, the amount of monthly income tax withholding needed, and your available net after-tax monthly income.
You may also be interested in this recent video from our Whiteboard Series.
If you want to create a written plan that will help you succeed in retirement as a single person and provides dependable income that will last for as long as you live, call us today.
DISCLOSURE – All presentation data is provided and intended to be used for general educational purposes only and is not intended as a solicitation for you to buy or sell any financial product. None of the material in this presentation is intended to give you, nor are the presenters engaged in giving you, specific tax, investment, real estate, legal, estate, retirement, or financial advice, but rather to serve as an educational platform to deliver information; nor is it intended to show you how the strategies presented can specifically apply to your own tax, investment, estate, financial, or retirement position, but rather to offer an idea of how these principles generally may apply. Stocks, bonds, or mutual funds have risks and can lose principal, even with a stop loss, and there is no guarantees of gains, as past performance is not indicative of future positive investment results. The sale or liquidation of any stock, bond, IRA, certificate of deposit, mutual fund, annuity, or other asset to fund a new portfolio and/or annuity may have tax consequences, early withdrawal penalties, or other costs and penalties as a result of the sale or liquidation. You can’t invest directly into a stock market index. A fixed index annuity with an income rider can protect your savings from losses and provide you guaranteed lifetime income, but you could incur surrender charges, gains aren’t guaranteed, you’ll pay a fee, and guarantees are backed by the financial strength claims paying ability of the issuing annuity company. Illustrations/projections displayed within this presentation are hypothetical in nature and should not serve as the sole determining factor in making financial decisions. Consult with a qualified investment, tax, legal, and/or retirement advisor before making any decisions. By contacting Peak Financial Freedom Group, you may be offered additional information regarding the purchase of financial products. Seminars, radio shows, TV productions, book releases, magazine and book promotions are sponsored, promoted and paid for by Peak Financial Freedom Group, LLC. If you place assets under management with our firm, we are paid an advisory fee, and if you purchase an annuity from our firm, we are paid commissions from an insurance company.
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