
Retirement Planning
3 Retirement Questions You’ll Need to Address
Retirement today isn’t what it used to be. A new retirement landscape demands a fresh approach to thinking about and planning for retirement.
Preparing and managing retirement is fraught with challenges. Whether planning on how to spend in retirement, managing your estate and will, evaluating insurance options or creating a well balanced portfolio retirement planning can feel like a never-ending maze. The good news is that recently the rise of retirement focused technology solutions provide retirement planners of all ages some relief. Keep reading to see how three retirement challenges are being addressed using technology:
The process of planning for your estate and beneficiaries can feel expensive and onerous, especially if you are early in preparing for retirement. But having a living will can be a valuable tool in the event you were to pass away. Ensuring that any assets you have are properly outlined and included will make the process for your beneficiaries significantly easier with a will. In the past, a will would have to be drafted up by an estate lawyer. The good news is that you can now create a simple living will for free with Willing. Having a will on file is always a good idea.
Studies have shown that the fees paid to advisors and for retirement plans can have a significant drag on the eventual size of a portfolio. It is essential to know the fees associated with any platform or investment that you are making. Keep in mind that fees and expenses are charged differently based on your provider, whether it is a financial advisor or a 401(k) be sure to review the fee structure and look out for hidden fees. FeeX uses technology to spell out the hidden costs of plans and then recommends more cost effective options. FeeX is free to users but does get paid on referral fees from fund providers.
One of the hardest parts of planning for your finances in retirement is the uncertainty of how long your retirement can last. Having an estimate of your longevity allows you or your financial advisor to better create a spending, saving and investment plan for retirement. When using a longevity tool online be sure to read about the data set backing the tool and compare a few different estimates on reputable tools. At Blueprint Income, we teamed up with a Wharton statistics professor to create this longevity estimate tool based on an NIH and AARP study data set.
Retirement today isn’t what it used to be. A new retirement landscape demands a fresh approach to thinking about and planning for retirement.
The rise of the 401(k) and the corresponding decline of defined benefit pension plans upended the three-legged stool model for retirement savings, leading to retirement insecurity. Blueprint Income is working to restore the broken leg of the stool by offering easy access to compare and purchase annuities.
Unsure of the best way to save for retirement during your working years? There’s no right answer, but having a strategy and knowing of the available saving vehicles doesn’t hurt.