Sponsored – The following content is created on behalf of Retirement Income Source SFG and does not reflect the opinions of Gray Media or its editorial staff. To learn more about Retirement Income Source SFG, visit https://www.scrantonfinancialgroup.com/.
As the new year begins, many local retirees are taking a fresh look at their finances — and discovering that retirement planning can feel overwhelming. Between Social Security decisions, investment accounts, fees and new rules on required withdrawals, it can be hard to see the big picture.
Local financial advisor and retirement specialist Benjamin Barning of Retirement Income Source SFG in Glastonbury says that’s exactly why he and his team created a new planning tool he calls the “Retirement Risk Report.” The idea is simple: put the most important information for retirees on a single, easy-to-read page.
“It’s a Retirement Risk Report, so it takes all of your finances, puts everything on one page,” Barning said.
The report starts with personal goals, such as what is most meaningful and what someone really wants to do in retirement. From there, it looks at income needs: how much is required to maintain today’s lifestyle, and how much would be ideal once fully retired.
The approach focuses on “renewable income,” such as interest and dividends, that can be used to supplement Social Security and any pensions.
“When you’re retired full-time, you have more free time,” Barning said. “With more free time, you want to do more things, and more things cost more money.”
As a result, the report helps compare current income sources with retirement goals and identify any shortfalls.
Another key section of the report highlights investment fees. Barning notes that many retirees have 401(k)s or other retirement accounts but may not realize what they are paying. The report seeks to uncover those hidden fees inside of your mutual funds and ETFs in addition to visible advisory fees, and shows how much might be saved over time.
The tool also incorporates rules around required minimum distributions, or RMDs, which currently begin at age 73 for most traditional pre-tax retirement accounts.
To help more residents get oriented, Barning is offering complimentary Retirement Risk Reports and hosting educational dinners at Mill on the River in South Windsor on Feb. 5 and Feb. 10.
