Managing Money For Retirement: Expert Insights On Turning Savings Into Income
Retirement savings have become more complex, and more retirees are looking beyond the accumulation mindset to make their money last. Is there a financial plan that can give Americans ways to save and spend with confidence and how will it work?
(firmenpresse) - Retirement Planning Is Changing, And It Needs To Account For More VariablesIf you re approaching retirement, you ve probably noticed the rules have changed. Inflation, longer lifespans, and unpredictable markets mean that simply building a nest egg is no longer enough. More Americans are working past 65, not just for the paycheck, but for the benefits and security. The old model??save as much as you can, then spend it down??doesn t compute.
Instead, a "save-and-spend" approach is gaining traction. This means planning for how much you ll save, and how you ll turn those savings into reliable income you can actually use??without running out.
The Problem: Accumulation Alone Isn t EnoughHere s the catch: most retirement plans focus on growing your assets, but not on how you ll use them. As McKinsey research points out, the real challenge is turning savings into a steady, predictable income. Too many retirees underestimate how long they ll live, or how much costs will rise over time. The biggest mistake? Basing your retirement goals on today s prices, not what things will cost 10 or 20 years from now.
And with Social Security and pensions under pressure, the need for a plan that covers both saving and spending is more urgent than ever.
What the Experts Recommend: A Three-Stage, Five-Pillar ApproachSo, what does a modern retirement plan look like? Financial advisors are shifting to a more holistic, income-focused strategy. Anthony Pellegrino, CEO of Goldstone Financial Group, encourages people to rethink their retirement - here s a three-stage approach that can help retirees achieve financial security:
Start Early With Income Planning: Don t wait until you retire to think about income. Begin building guaranteed income streams??like annuities or structured withdrawals??while you re still working.Diversify Your Income Sources: Consider all your options: Social Security, pensions, annuities, and personal savings. The goal is to create multiple streams so you re not relying on just one.Plan for Taxes and Healthcare: Taxes can eat into your retirement income, and healthcare costs are rising. Smart planning can help you keep more of what you ve saved.Adjust for Market Volatility: Regularly review your portfolio to reduce unnecessary fees and adjust for changing market conditions.Think About Your Legacy: Don t forget estate planning??make sure your assets go where you want them to.Tips for Building a Save-and-Spend Retirement PlanReady to rethink your retirement strategy? Here are some practical steps, inspired by industry experts and the latest retirement trends:
Start with a Spending Plan: Estimate your future expenses, factoring in inflation and healthcare. Be realistic about what you ll need??and want??to spend.Maximize Social Security: Timing matters. Work with an advisor (preferably one attached to an SEC Registered Fiduciary Adviser) to decide when to claim benefits for the best long-term outcome.Use Lifetime Income Products Wisely: Annuities and similar products can provide guaranteed income, but they re not one-size-fits-all. Get advice on what fits your situation.Review Your Investments Regularly: As you approach retirement, shift toward more stable, income-generating assets.Don t Forget Taxes: Tax-deferred and tax-exempt accounts can help you keep more of your money in retirement.True Safety Is About IncomeRetirement today is about saving and creating a plan that lets you enjoy your money, not just hoard it. The best strategies combine smart saving with smart spending, so you can live the life you want, with room to account for force majeure situations.
If you re ready to rethink your retirement, now s the time to start planning for both sides of the equation: saving and spending, and some of America s most trusted advisors can help.
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Unternehmensinformation / Kurzprofil:
Goldstone Financial Group
Goldstone Financial Group
https://www.goldstonefinancialgroup.com/
contactus(at)goldstonefg.com
+1 630 620 9300
18W140 Butterfield Road
Oakbrook Terrace
United States
Datum: 13.08.2025 - 03:00 Uhr
Sprache: Deutsch
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contact information:
Contact person: Anthony Pellegrino
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Oakbrook Terrace
Phone: +1 630 620 9300
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Typ of Press Release: Unternehmensinformation
type of sending: Veröffentlichung
Date of sending: 13/08/2025
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