DuPage County Retirement Planning
Certified Financial Planner® in Naperville Helping Clients Plan for Retirement
Retirement is an important goal that most people look forward to during their working lives. The idea of living out your remaining years in comfort and without the obligations of your career is very attractive—and for obvious reasons. However, a comfortable retirement is not guaranteed. To have the type of retirement you want, the best place to start is with a solid, long-term financial plan.
At The Krajniak Group, we offer comprehensive financial planning and wealth management services based on our years of experience and dedication to our clients. Our Certified Financial Planner® will work closely with you to design and implement a strategy for retirement planning that addresses your specific needs and personal goals. We recognize the importance of protecting and growing your retirement savings, and we are committed to serving your best interests above all else.
What retirement looks like is an extremely personal decision for each person. With this in mind, we try to understand and appreciate your goals and values so that we can create a retirement plan that works for you. As we get started, the answers to the following questions will provide a basis for your plan.
When Do You Hope to Retire?
Retirement age means different things to different people, and the age you choose to retire can dramatically affect your entire plan. Retiring earlier will require you to contribute more money to your investments and accounts, so the funds are there when you are ready to retire. The period during which you will draw from your retirement savings will also be longer, which means your financial needs will likely be greater.
It is important to remember that some retirement accounts, such as a 401(k) or an IRA, may impose tax penalties for withdrawals made before you reach a certain age. Retiring early could also result in a reduction of your Social Security benefits. Working for a few more years could allow you to accumulate the additional funds you need to retire comfortably and make the most out of Social Security and your retirement savings… but knowing how these benefits might change could just as easily allow you to feel comfortable "pulling the trigger" earlier.
What Kind of Retirement Lifestyle Do You Want?
Your financial needs for retirement will also depend on how you intend to live and spend in retirement. If you are picturing a modest lifestyle in a home that is already paid off, your needs for retirement are likely to be relatively low. You will need substantially more savings if you plan to live somewhere expensive or exotic or if you want to spend your retirement years traveling as much as possible.
Health concerns are important considerations in your retirement planning as well. Many of us will face illnesses and health issues as we get older, and you will need to make sure that the costs of treatment, medications, and health insurance premiums are accounted for in your retirement plan.
How Much Risk Will You Tolerate?
When you are dealing with assets that are as critical as retirement savings are, you need to determine what you consider an acceptable level of risk in your investments. If you are on the younger side and your retirement planning has already started, you might be willing to accept higher risks in exchange for greater growth potential. If you are closer to the age at which you want to retire, however, a plan that focuses on preserving and protecting your assets may be more suitable. These aren't predetermined rules, though, and your financial planning professional will discuss the advantages and disadvantages of different strategies.
Speak With a DuPage County Retirement Planning Advisor
For comprehensive guidance and assistance with planning for your retirement, contact the Naperville office of The Krajniak Group. Matthew A. Krajniak, CFP®, CMFC, is a Certified Financial Planner® who will work closely with you in developing and implementing strategies for a comfortable retirement. Call 630-364-2406 to schedule an appointment today. We serve clients in and around DuPage County, including Naperville, Lombard, Wheaton, Aurora, and Downers Grove.
