Recognizing When a DIY Retirement Plan Won’t Work for You

Retirement is an inevitability for most Americans. Unfortunately, far too few of us take the steps needed to enjoy a happy, healthy retirement. According to the United States Census, nearly half of all adults have no savings whatsoever. Of those who have savings, many lack the means needed to sustain themselves into old age, let alone pay for unexpected medical bills or the costs of an assisted living facility.

While retirement planning doesn’t have to be difficult, a do-it-yourself retirement plan could jeopardize your opportunity to cherish the rewards of your life’s work.

Five Reasons Why You Shouldn’t Plan Your Retirement Alone 

You Don’t Have the Time to Do it Right

Americans are busier than ever, whether they’re working hard to support their families or managing a growing business. It takes time to learn about your retirement options, set up accounts, and keep track of them over the years. Delaying creating a plan until you have the time to do it right means you could miss out on valuable opportunities to save. The earlier you start contributing to a 401(k) or individual retirement account (IRA), the more money you will have when it’s time to retire. A professional wealth manager can take these complicated tasks off your plate as they help you understand your options and make the best decisions to ensure your future.

You Don’t Have Financial Experience

Professional financial planners have years of experience and expert knowledge at their fingertips that most people just don’t have. Without a solid understanding of finances, your retirement plan is unlikely to take advantage of all the options that might be available to you. Working with a professional will help you learn the following:

• How to protect your retirement assets from risk
• Which financial products and investment items are best for your family’s circumstances
• When changes to the federal tax code and state laws affect your retirement plan

A retirement specialist will do the legwork for you, saving you time and giving you the advantage of their expertise.

You Have Complicated Assets

Inheritances, real estate properties, and businesses can complicate retirement, even if you think you already have the resources needed to leave the workforce. If, for example, you eventually need assistance to pay for unexpected medical care or afford the high costs of an Arkansas retirement home, you could lose eligibility for public benefits if you accrue assets without placing them in a trust or qualified savings plan. A qualified financial planning professional will know how to best protect your unique set of assets.

You Have Specific Goals but Don’t Know How to Achieve Them

Since Social Security no longer provides the post-retirement protection it once did, achieving your retirement goals—no matter how specific they may be—could be more challenging than you initially expected. An experienced retirement planner and wealth manager could help you reach your retirement goals without compromising on your daily needs, present plans, and longstanding ambitions.

You Aren’t Sure Where to Start

Oftentimes, the hardest part about retirement planning is getting started. An Arkansas wealth planning and management professional could help you take your first steps toward a better, brighter tomorrow by:

• Considering your present income, assets, and anticipated financial circumstances to create a realistic and comfortable budget
• Exploring what investment strategies work best for your risk tolerances and retirement aspirations
• Helping you minimize risk and liability by assessing your business structure and personal holdings
• Determining how your ideal retirement plan can help you minimize your current tax burden while building a robust base for your eventual retirement

Contact an Experienced Arkansas Wealth Manager Today

You don’t have to leave your retirement to chance. Quraishi Law & Wealth is a community-oriented firm that has spent years helping Arkansans of all backgrounds turn their dreams into reality. Please send us a message online or call us at 870-275-4304 to schedule your initial consultation.