Granville Waiters Consulting Services

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It’s no secret that we can’t depend on Social Security or pensions alone to provide the income necessary to live out our golden years of retirement. Today’s retirees are more active and enjoying longer lives than ever before.

Are you certain your current retirement plan will last as long as you need it and keep you in a comfortable lifestyle? Have your retirement funds been diminished by losses in the stock market? Well, what if you could enjoy:

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• the gains of the stock market without the risk;

• the tax-deferred benefits of a qualified plan;

• the flexibility to fund and withdraw your money tax-free regardless of age and income;

• guaranteed lifetime income; and

• provide a tax-free income for your heirs?

 

It’s possible and we can show you how to enjoy the benefits of tax-free retirement income. What are your dreams for retirement? We can help you get there.

 

 

Imagine the possibilities

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Thoughts of a fulfilling retirement can be exciting but they also can be a little daunting. You start to wonder if you'll have enough money to retire comfortably. This worry seems to grow as you add in the uncertainty of social security, inflation, and healthcare. Take a look at how you can work to minimize these worries and help protect your retirement dreams.

 

Retire comfortably

 

Are you worried about the future and not having enough money to retire comfortably? After all compared to previous generations you can expect to live a longer healthier life. As much as 30 years longer.

 

How long will I live?

 

There's a good chance you will live into your '80s and even your '90s.

 

• A man reaching age 65 today can expect to live, on average, until age 84.

• A woman turning age 65 today can expect to live on average, until age 86.5.

• A married couple, both age 65, has a 50% chance of One survivor living to age 92.

 

 

  

How much will I need?

 

Expect to spend about half of your retirement income on basic living expenses. Only 18% goes to discretionary expenses - all the fun stuff like golf, travel, and hobbies. As a result, approximately three and five pre-retirees and half of retirees anticipate needing to tap into their savings just to meet basic expenses.

 

Sources of retirement income for American retirees.

 

 

 

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Have you saved - or will you be able to save - enough to enjoy your retirement for 25 or 30 years? What sources of income will you have in retirement? Retirement income can come from sources such as:

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• social security

• pension / retirement plan

• employment

• interest and dividends

• annuities

• savings

 

How can I make it last?

 

Just because you're doing a good job of saving for retirement does it mean you're set for life. You need a plan.

Ideally, you want your retirement savings to generate enough revenue so you don't have to dip into the principal. Realistically, that probably isn't going to happen.

 

Aggressive withdrawals are generally unsustainable - especially when the markets are down. One analysis determined that the maximum sustainable withdrawal rate for a balanced portfolio of stocks and bonds was 5.58% after adjusting for inflation. Withdrawing 4% to 5% may be a reasonable approach for many retirees over the long term.

 

 

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Living longer

 

With the prospect of living longer also comes the real possibility that you might outlive your spouse, or your spouse might outlive you. In fact, almost half of women over the age of 65 are widows. 15% of men over the age of 65 are widowers.

one of the areas that people often skip over when developing a retirement income plan is how the plan might change when one spouse passes away. You may see a small reduction in expenses if your spouse predeceases you, but the income you had been receiving when you were both living may be reduced drastically:

 

• Social security benefits alone are often inadequate for the surviving spouse period you will receive the greater of your own or your spouse's monthly benefit, but not both it's much less than what you got as a couple.

• If your spouse receives a pension and elected the larger lifetime benefit with no survivor income, that payment stops when your spouse dies. If a joint and survivor option was elected, the continuing income received is usually half of what was when your spouse was alive.

 

 

Inflation

 

Most people underestimate the impact inflation will have on their retirement plans. Even at relatively low rates inflation can drastically erode buying power over time.

 

  

Healthcare expenses

 

Rising healthcare costs babe be much more of a financial drain than you ever imagined.

 

The older you get, the more you can expect to pay for health care. In addition to the premiums you will pay for medicare, out of pocket expenses also increase considerably in retirement. Spending on prescription drugs generally rises throughout retirement, but nursing home costs really accelerate at age 85 and beyond - the point in your life when your resources may be limited.

 

Planning for your future

 

The first step in planning for your retirement income is to figure out your goals, and then work with a trusted financial professional to help achieve them putting a plan in place can help you use your assets in the most efficient manner, helping accomplish things like:

• Making sure your basic needs are covered for as long as you live.

• Maximizing your social security benefit.

• Identifying tax issues and opportunities

• Making sure your money keeps up for the Long haul.

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