Retirement Planning

• Assess your current financial situation—You can’t prepare adequately for the future if you don’t fully understand your current financial picture. Take inventory of what assets do you have, what retirement benefits are you entitled to?
• Determine your retirement lifestyle—It makes sense to determine when you might like to retire, even if you are currently very young. You can always modify your decisions later in life, but you might not reach your goal if you wait too long to start saving.
• Make retirement savings your top priority—No matter what your current age, retirement savings should be a top budget priority.
• Contribute to your 401(k) plan—Even if you already have a retirement plan or you are very close to retirement, consider investing in your employer’s 401(k) plan. Because you can invest in these plans with pretax money, you will cut your current tax liability.
• Realize retirement planning is a lifelong process—Saving for retirement is just one part of the equation. You also need to plan for the risks that can affect your retirement years, determine which assets to use and when, and prepare for how you are going to meet your retirement income needs, regardless of how long you live.

We refer all our clients to The Mackie Group LLC, provided that they are licensed to advise in your state.

Traditional methods for funding retirement, such as Social Security and other retirement benefits, may not meet all your financial needs—especially when people are living longer and retiring at an earlier age. If available, taking advantage of your company’s 401(k) is a good start. Additional retirement funding solutions which may include:

• A Traditional or Roth IRA
• Mutual funds or other investments (These accounts will be referred to a specialist if needed or desired)
• Fixed and Deffered annuities
• Life insurance

We refer all our clients to The Mackie Group LLC, provided that they are licensed to advise in your state.

Preparing for your financial security needs encompasses more than saving for your retirement. To be certain that the funding for your retirement will be available when it is needed, you should also consider other potential life events that could affect your goals – events such as:

• The unexpected death of you or your spouse
• A disability or illness that could prevent you or your spouse from working
• The impact of a long-term care event

With adequate life insurance, disability income insurance, funding for long-term care, and other financial products, you can protect yourself from having to tap into your savings to cover other expenses.

Lastly, don’t procrastinate. Retirement may feel a long way off, but don’t wait until the last minute to start saving. Take advantage of time to plan for the retirement you really want.

We refer all our clients to The Mackie Group LLC, provided that they are licensed to advise in your state.

In choosing an annuity product that will best serve your needs, it is also important to take the costs into consideration.  Fixed Annuities: Typically, there are no additional charges or fees because the expenses have been calculated into the interest rate the insurance company pays. Variable Annuities: As is the case with all investment products, expenses and fees apply and vary from insurance company to insurance company. The most common are mortality and expense fees, portfolio fees, and contract fees.

This information is for educational purposes only!  Colburn Financial doesn’t provide any directly invested accounts (Mutual Funds, ETF’s, Advisory Accounts, or Brokerage Accounts for example)  If these accounts and funds are desired you will be referred to a specialist that is able to help you in these categories.

We refer all our clients to The Mackie Group LLC, provided that they are licensed to advise in your state.