Retirement Planning

Retire with greater confidence

With more lifestyle choices than ever before, you need to know what a successful retirement looks like to you to understand your income needs.

Making informed decisions at this stage can help you build a better retirement strategy. Mona Lisa Insurance and Financial Services, believes you should consider:

  • Whether you’ve saved enough and ways to save more
    How your retirement income and portfolio strategy can help ensure your money lasts.
  • Why healthcare and Social Security play an important role in your retirement
  • Picture your retirement
    Think about your retirement lifestyle, including whether you’ll continue to work, where you’ll live, and how you’ll spend your time. Check to see if you’ve saved enough to retire on your own terms and get a comprehensive income and expense analysis.
  • Saving now can still pay off
    Continue to save as much as you can – the money you save now still has time, maybe even decades to work for you. And if you are 50 or older, you may be able to take advantage of catch-up opportunities to potentially increase your retirement income.
  • Max out your 401(k) with up to $16,500 in pre-tax contributions plus $5,500 in catch-up contributions.
  • Catch up with an IRA with up to $5,000 in tax deductible contributions, plus $1,000 in catch-up contributions.
  • Consider lifestyle changes to save even more now and better position yourself for a secure retirement.
  • Understand tax benefits and the most advantageous options for your retirement savings.
  • Get your portfolio ready for retirement
    For years retirement meant putting money away – soon it will mean taking it out. Retiring with peace of mind requires a strong income plan and retirement investment strategy. Mona Lisa Insurance and Financial Services, believes you should consider these important steps.

    1. Know what your living expenses will be once you retire and the annual income you will need to cover them by understanding your income and expenses in retirement.
    2. Keep the importance of asset allocation and periodic rebalancing in mind as you transition into retirement. Make sure your portfolio is allocated properly to match your needs and risk tolerance, which may be changing.
    3. Create a sound strategy for generating income in retirement. You’ll need to consider how important continued growth, guaranteed income, flexible access to your money, and principal preservation are to you and balance your income priorities.
    4. Before you start using your savings in retirement, understand guidelines for your withdrawal rate and which accounts to withdraw from first.
    5. Get a handle on healthcare in retirement
      Planning for healthcare costs is a critical part of your overall retirement savings strategy, since unexpected healthcare expenses can quickly deplete your savings and could derail your long-term income strategy. Medicare may not cover all of your health care expenses so you’ll want to examine additional options such as supplemental coverage and long-term care insurance.
    6. Make the most of Social Security
      Social Security is a guaranteed source of income in retirement – and one you worked hard for. So the decision of when to start taking monthly payments is an important one. For each year that you delay taking Social Security (up to age 70), you could receive up to 8% more in future monthly payments. Take the time to consider how Social Security will fit into your overall income plan so that you can make the right decision for you.