You’ve worked hard all of your life and brought home money to support your family.
Now you have retired, and that's great, but Social Security certainly won't support you month to month.
So, you need another income.
Let’s take a look at how we can use the money you have – to generate what you need.
Here’s the simple part of the formula: you work. Work, and make money. That’s the key to this first step. You need to accumulate a “Nest Egg”, a sum that can be invested. Hopefully, that money can be invested throughout the time you are working. However, the important thing here is to make money. The more you have at the beginning of this process the better. That’s it, accumulate.
The next step is to get that money you’ve worked so hard for working for you. Many find themselves in a position where the money they have accumulated is a large sum, but not large enough to just sowly drain for 15, 20 or even 30 years. In that case, it is important to steadily increase that money for long term income.
It’s important right now to think about how much risk you are willing to take with your investments. As you know, the stock market can be a very volatile place, being up and down all the time. We always hope it goes up, but it won’t always. However, there are investment options and strategies that focus on not jumping up and down, at the cost of potentially less returns long term. We recommend less risky investments as you approach your retirement years, but you may be more willing to risk volatility for some higher returns. If you would like to take a risk profile analysis, click here.
Once we figure out how long you expect to need income, how much income you will need, and your risk tolerance, we can help you make a choice on the best investments and strategies to get your finances in line. We have an array of options to get just the right one for you.
Now sit back and relax. You have just invested your money, and are taking the income you need. It’s always important to take only what you need out, but at this point it’s taken care of. Hopefully your investment will grow and you can continue to live your life comfortably off the money you earned through life.