Good money management is essential for all ages and stages of life. However, older adults’ financial needs, spending, and saving patterns change. The thought of living on a fixed income can be scary.

Financial security and being prepared can come in many forms. At American Retirement Advisors, we assist folks with essential financial topics critical to success in retirement, including ways to ensure folks cash in on tax credits, deductions, and senior discounts. We also detail important ways to prepare for taking Social Security, building a retirement portfolio, and ensuring your estate is in order.

We target crucial aspects of financial planning, from claiming Social Security and retirement benefits to maximizing tax credits and deductions. We help you navigate your financial future, so you don’t have to go it alone.
Having a trust, will, and estate plan in place helps protect you and your family from life’s unexpected events. Of course, not all of these are needed for everyone, but we can help guide you to what makes sense for you.
If you’re in the planning phase or already receiving Social Security, you’re in good company! Approximately 65 million Americans receive Social Security payments monthly.

Understanding how Social Security fits into your finances is a powerful way to be prepared. Will Social Security cover all your financial retirement needs? There are several ways to understand how Social Security will fit into your overall financial goals and estimate your benefits. We’ll take a closer look and try to make your choices clear. Yes, you do have choices.

According to the Federal Reserve Board’s latest Survey of Consumer Finances, the median net worth of Americans aged 55 to 64 is $212,500. Your net worth is calculated by subtracting any liabilities, such as debt, from your assets. Your retirement accounts make up a portion of your assets. They also play a starring role in ensuring you can retire comfortably. Common accounts include 401(k), 403(b), 457(b), Thrift Savings Plan (TSP), Traditional & Roth IRA, and Pensions.

To make the most of these accounts and your retirement savings, we recommend that older adults first take advantage of company matches from their employers. Next, seniors should max out any tax-advantaged accounts, including 401(k)s, IRAs, or HSAs. Then, once you are over 59 and a half, it may make sense to sweep or roll the majority to your own IRA so that you are not confined to the list of mutual funds allowed in the plan and all the baked-in fees. Next, you can keep the 401(k) open to continue to deposit and get any matches. Finally, you can close the 401(k) and roll the rest to your IRA when you retire. Yes, we help folks do all of this too. As well as professionally manage the assets.

Well, that’s all for now. Please feel free to call to schedule a no-cost financial assessment with your American Retirement Advisor. We are here to help.