The Significance Of Financial Planning After Retirement
You may be under the assumption that saving and investing money usually comes to an end when you retire, lead a peaceful life and have a stable income to sustain your twilight years. However, in reality, there are people who continue to work even after their leaving their present places of employment because of old age. Some of these individuals even go to the extent of turning the hobbies they could not pursue because of their professions into full-time occupations. This enable to earn money by doing what they enjoy the most. Moreover, there is no guarantee that the returns they receive from their financial assets can make their ends meet.
Barry Bulakites is a popular motivational speaker in America who expresses his views and gives lectures on the current economic conditions facing the country in various public seminars. A number of television networks also invite him to discuss such issues on their prime-time chat shows. Moreover, this marketing graduate from Western New England College and the London School of Business is the President of Table Bay Financial Network, Inc. and its principal distribution officer. This prominent investment advisor specializes in the field of retirement planning. He assists individuals to look for viable investment avenues to put their money into and organizations establish such feasible schemes for employees. His clients include companies, well-known celebrities from the music industry and sports personalities.
Importance of financial planning after retirement
He says financial planning is just as important after you retire as it is when you are at about to start your career. This is because of the following reasons:
Estate planning begins in this phase of your life
Like most people, you want your children and grandchildren to inherit the money you have after your death. At the same time, you need to ensure that they do not end up incurring huge tax liabilities when you transfer your property and wealth. For this, you need to sit down with a proficient expert and formulate a viable estate plan on how you intend to distribute your property and money to those you love after your demise.
Figuring out other ways to earn money
The regulatory authorities in charge of social security can help you to estimate how much you can receive from your contributions in the 401(k)-retirement plan. Moreover, they will inform you on how much you need to pay as taxes when you withdraw the money. In many cases, such benefits may not be enough to sustain and help you make ends meet. This is why you should try to look for other suitable avenues to earn money including turning your hobbies into a source of income.
Be prudent on spending
Even you have no major debts including mortgages after you retire, your expenses could increase because of health issues, food, liabilities for taxes and travel. You need to find a way to be able to manages such costs with the income you have at your disposal.Barry Bulakites goes on to say that in addition to the above, you need to consult your financial advisor and review all your investments.Only such a professional can help you to make the right choices regarding your finances in this phase of your life.