So, You’re Saving for Retirement- Now What? Saving is the first step- next is to decide how to protect your savings and make them last

When discussing retirement, there are dozens of questions you can ask yourself. Do you want immediate access to your money or do you want guaranteed income over your lifetime?  Keep in mind guarantees are based on the financial strength and claims paying ability of the issuing insurance company. Are you concerned how long your retirement savings are going to last you? Do you want to harness the market to potentially grow your retirement assets or would you want to be more conservative?
Thrivent Financial believes that working through these questions with a financial professional is the first step to building a confident retirement. There are no right or wrong answers to the questions, it’s about finding a strategy that works for you and your loved ones so you can build the retirement you’ve dreamt about.
Having a solid framework for creating and protecting your income in retirement is one of the keys to your success. There are three main things you should consider when creating a retirement income strategy.
1. Growth
Think about your ability to potentially grow assets to help protect against inflation, a key issue when saving for long term needs.  You should also consider strategies to replenish income sources by periodically harvesting assets when market conditions are appropriate.
2. Guarantees
Consider a strategy with a guaranteed income stream. This will help cover essential expenses that you would have a hard time adjusting or reducing.
3. Near Term
Have a pool of money for immediate enjoyment and expenses. This can be used to cover discretionary expenses with a buffer of accessible funds. This is where your “fun money” can come from including travel, entertainment, hobbies and gifts.
Finding the right balance for your risk tolerance and lifestyle choices is essential. The asset mix you choose as you allocate your retirement assets can be completely customized to your specifications. Whether you want the protection of guaranteed income or whether you’re looking to grow assets aggressively, finding the right allocation for you is most important.
Retirement assets are an important part of a healthy financial strategy. Make sure you think about how you will spend the money you worked so hard to save.
Jeff Meyer, ChFC, CLU, and Melanie Meyer, CFP, CLU, are owners of Pathway Financial Group at 25350 Magic Mountain Pkwy, Ste 300, in Valencia.  They can be reached at 661-799-0230.