Common Questions You May Have
At McAdam Financial, we understand that planning for retirement can be overwhelming. This FAQ page addresses common questions to guide you on your retirement planning journey.
General Retirement Planning
- When to Start Planning: The sooner, the better! Even small changes early in your retirement planning can have a significant impact down the line. Explore catch-up contributions – if you’re age 50 or older, the IRS allows you to contribute additional money towards your retirement savings through catch-up contributions. This can be a powerful tool to accelerate your retirement savings and make up for lost ground.
- How Much Will I Need? This depends on your desired lifestyle, expenses, and income sources (Social Security, pensions, etc.). We can help you quantify your needs and create a personalized retirement plan.
- Retirement Security Risks: Outliving your savings, navigating market volatility, and unexpected healthcare costs are some key concerns. We can help you develop strategies to help mitigate these risks.
Investment Strategies
- Choosing Investments: Your risk tolerance, time horizon (number of years until retirement), and financial goals all play a role. We’ll create a diversified portfolio aligned with your needs.
- Benefits of Diversification: Spreading investments across asset classes (stocks, bonds, real estate, etc.) helps reduce risk. A diversified portfolio can handle market fluctuations better.
- Market Fluctuations: Focus on your long-term goals. We can craft strategies designed to help protect your long term goals while considering your risk tolerance no matter what the market does.
Social Security
- Claiming Social Security: There’s no one-size-fits-all answer. We can analyze your situation and recommend claiming strategies designed to maximize your overall benefits.
- Delaying Social Security: Benefits increase by 8% per year up to age 70. We can help you weigh the pros and cons of delaying benefits.
- Coordinating Social Security: We can help you develop a comprehensive plan that integrates Social Security benefits with your other retirement income sources and considers the tax implications of doing so.
Working with McAdam Financial
- Free Consultation: Our initial consultations are free. We’ll discuss your goals, assess your financial situation, and identify areas where we can provide value for a secure retirement. We’ll also explain our fee structure before moving forward.
- Ongoing Guidance: We offer continuous support throughout your retirement journey. We’ll regularly review your progress and adjust your strategy as needed.
We encourage you to schedule a free consultation with a McAdam Financial advisor to discuss your specific retirement planning needs and questions. Call 888-227-7162 now! Or click to schedule your consultation online.
Call 855-MCADAM5 now! Or click to schedule your consultation online.
Written by McAdam Financial as of 6/18/24. This article is provided by McAdam LLC (“McAdam” or the “Firm”) for informational purposes only. Investing involves the risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results and may have been impacted by events and economic conditions that will not prevail in the future. No portion of this article is to be construed as a solicitation to buy or sell a security or the provision of personalized investment, tax, or legal advice. Certain information contained in this report is derived from sources that McAdam believes to be reliable; however, the Firm does not guarantee the accuracy or timeliness of such information and assumes no liability for any resulting damages.
Securities offered only by duly registered individuals through Madison Avenue Securities, LLC (MAS), member FINRA/SIPC. Investment advisory services offered only by duly registered individuals of McAdam, LLC, a registered investment advisor. Insurance products and services offered through McAdam Financial. McAdam, LLC and McAdam Financial are not affiliated with MAS.