Going “Back to School” on Your Retirement Plan SHP Financial

When you think about your school years, whether your high school, college, or post-grad days, you’ll revisit memorable moments from when you had your whole life ahead of you. Schooling is all about providing students with the tools they need to achieve their future potential. When it comes to retirement planning, the same is true! Believe it or not, you have your whole life ahead of you in retirement as well, so make sure you’re prepared.

Revisit your Risk Tolerance

Ask yourself, is your risk tolerance reflected in your retirement portfolio? Striking a balance between high-risk and low-risk assets across sectors and asset classes that makes sense with your retirement goals is crucial. For example, a retiree may allocate a portion of their portfolio to assets to high-growth technology stocks, while another portion of their portfolio is allocated to consumer staples stocks that pay dividends. You may also want to diversify across asset classes such as real estate or bonds. Everyone’s risk tolerance is different but getting it right can be the difference between a comfortable retirement and one where you’ll need to cut a few corners.

Revisit your Income

The whole point of saving throughout your lifetime of work is to help provide you income in retirement. Well, that time is either here or not too far away. But it means you must ask different questions about your money. For instance, instead of asking how much your money can grow in value, you’ll need to ask how that money can maintain its value and pay you optimized income – either in the form of dividends, interest rates, or withdrawals from retirement accounts.

You’ll also want to consider your Social Security strategy. It’s not as simple as just reaching retirement age and receiving payments. There are reasons to take Social Security payments early or to wait to claim and receive greater benefits. You’ll want to strategize with your other sources of income to figure out what time is best for you so you can get the most out of Social Security.

Talk to a Financial Advisor

There are a lot of moving pieces to a retirement plan that will depend on your unique situation and goals. A financial professional will know what tools to utilize to help you meet your retirement goals. But not all financial professionals are the same. Some want to sell you cookie-cutter financial products that don’t make sense for you. But we consider your unique situation to make sure all your bases are covered and your unique goals are met. You might not be getting the most out of your finances without a tailored approach. Click HERE to sign up for a time to speak to us at SHP Financial about your financial goals.


The content presented is for informational purposes only and is not intended as offering financial, tax, or legal advice, and should not be considered a solicitation for the purchase or sale of any security. Some of the informational content presented was prepared and provided by Lone Beacon Media, LLC dba Lone Beacon, while other content presented may be from outside sources believed to be providing accurate information. Regardless of source no representations or warranties as to the completeness or accuracy of any information presented is implied. Lone Beacon Media, LLC is not affiliated with the Advisor, Advisor’s RIA, Broker-Dealer, or any state or SEC registered investment advisory firm. Before making any decisions you should consult a tax or legal professional to discuss your personal situation.Investment Advisory Services are offered through SHP Wealth Management LLC., an SEC registered investment advisor. Insurance sales are offered through SHP Financial, LLC. These are separate entities, Matthew Chapman Peck, CFP®, CIMA®, Derek Louis Gregoire, and Keith Winslow Ellis Jr. are independent licensed insurance agents, and Owners/Partners of an insurance agency, SHP Financial, LLC.. In addition, other supervised persons of SHP Wealth Management, LLC. are independent licensed insurance agents of SHP Financial, LLC. No statements made shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional before investing. Both SHP Wealth Management, LLC. and SHP Financial, LLC. will offer clients advice and/or products from each entity. No client is under any obligation to purchase any insurance product.