Planning for Retirement | Truitt Tingle Paramore & Argent


Whether you’ve been working for 3 years or 30, planning for retirement is essential. Yet, many people haven’t taken the time to realistically estimate how much they need to save for the retirement lifestyle they desire. Here are key factors to consider when planning your retirement savings with Truitt Tingle Paramore & Argent:

  1. Life Expectancy: With advances in healthcare, people are living longer. Plan as though you’ll live to 100, adjusting your savings accordingly based on your health and family history.
  2. Retirement Activities: Consider what you plan to do during retirement. Increased travel, more frequent visits to family, or embracing hobbies can lead to higher living expenses compared to your working years.
  3. Expense Changes: While some expenses like commuting and work attire may decrease, others like medical care and prescriptions may increase. Our financial planner can help you anticipate and plan for these changes.
  4. Current Savings: Review your current retirement savings plans and portfolio performance with our financial planner. It may be beneficial to continue certain investments during retirement to outpace inflation.
  5. Withdrawal Strategy: Have a plan for withdrawing funds. If you’re a business owner or partner, consider agreements for buyouts. Decide whether you’ll transition with part-time work or stop altogether. Understand the tax implications of your retirement savings. Our experts can guide you through these details.

Planning for a comfortable retirement requires careful consideration of these factors. Our financial planning consultation can help you create a strategic retirement plan tailored to your needs. Contact Truitt Tingle Paramore & Argent today for more information.

Truitt, Tingle, Paramore & Argent
Email: info@ttpcpa.com
Phone: 205-733-8265
Url:
5346 Stadium Trace Pkwy
Birmingham, AL 35244