You likely have a good idea of what you want your retirement to look like. You may have even kicked around a few ideas about what you’re going to do with all that free time. But what are you doing now to prepare yourself financially for those idyllic golden years? Thankfully, you don’t have to examine your finances by yourself. First Mid’s Financial Pathways planning strategy was created to personalize a plan suited to your financial situation and the retirement you’ve always dreamed of.
We talked to Trever Kuipers, Financial Advisor with First Mid Wealth Management, to learn more about this invaluable financial planning strategy and how preparing now can help you reach the retirement goals you set years ago.
Why is financial planning so important to those thinking about retirement?
Planning for retirement should be exciting! Most people only focus on numbers when planning for retirement. A good financial plan is built around goals and dreams, then looks at how the numbers can be used as a tool to make those things possible. If there isn’t a plan in place, it’s hard to know what potential goals you can reach. It’s much easier to plan for your future when you’re focused on the vision of what you are building, not just numbers on paper.
What factors are considered when helping plan for retirement?
There are so many things that need to be taken into consideration when planning for retirement that it can often be overwhelming. Obvious things include pensions, Social Security, and retirement savings like 401(k)s and IRAs. Questions come to mind like, “How much income do I need?” and “What happens if I need long-term care?” Together, we can address these items and help put your mind at ease. With a strong financial plan, we can help you navigate your future with confidence and clarity.
When should I start planning for retirement? At what point should I consult a financial advisor for assistance?
It’s never too early or too late to work with a financial advisor. If you start saving and planning for retirement earlier, you’ll have more flexibility on when you retire and how comfortably you can live in retirement. If you’ve changed jobs or had a major life event that affects your finances, it’s important to consult with a professional to help you avoid costly mistakes. When it’s time to retire and after retirement, a financial advisor can also help you manage your money so you can focus on how you spend your time.
What is the added value of First Mid’s Financial Pathways?
Our planning strategy is designed to get a clearer picture of what is important to you. No two retirement plans are the same, so it’s only logical to have a plan that’s customized to you and your needs. It’s easy to put off planning for tomorrow, but our Financial Pathways strategy makes it easy to identify goals and paint a picture of what retirement can look like for you.
There’s no time like the present to start planning — set yourself up for long-term financial security with First Mid’s Financial Pathways planning strategy. Call 800-546-5721 or 217-258-3344 to speak with a financial advisor. Find the First Mid financial advisor nearest you here.
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