Why Should You Plan Your Retirement Income?

The biggest reason to plan your retirement income is to keep your portfolio safe from potential emergencies down the line. But instead of tackling it on your own, you can work with a financial professional who helps you factor in the finer details. For example, you might use your Social Security benefits, pension, rental property income, and stock dividends to cover your monthly expenses. A financial advisor will not only account for every dollar, they’ll help you understand how inflation, economic tailwinds, and market fluctuations will impact your future spending power.

How much do I need to retire? This question in Baltimore ultimately comes down to what you want to do with your retirement and who you want to offer financial assistance to. A retiree who wants to travel first-class and fund their grandchild’s medical school tuition will have very different needs than a retiree with more modest goals. Regardless of what you’re looking for, though, income planning can help everyone be more relaxed by the time their retirement age rolls around.

As you might have already guessed, retirement income comes down to your personal preferences and lifestyle. Rental income may be steady revenue, but not everyone will want to take on the responsibilities of owning and maintaining a commercial or residential property. Part-time jobs, like pouring wine or selling guitars, may appeal to your passions, but not everyone wants to be on a work schedule anymore. At Solomon Financial Group, you can work with advisor Trina Palmore to start hammering out the details of your retirement income relative to the rest of your financial goals and current assets.

Wealth Management in Baltimore

Wealth management is more than keeping track of your investments or hiring an estate lawyer. This all-encompassing financial principle protects you from every angle, ensuring that you’re covered in even the most catastrophic events.

Professional wealth management is largely reserved for the wealthiest members of society, because they typically don’t have the time to manage their ever-growing portfolios. From assets-under-management strategies to retirement income planning, you can see how all of your wealth is distributed and how that benefits your bottom line.

If you’re looking for a firm that you trust, consider how a boutique retirement organization can give you the personalized attention you’re looking for. At Solomon’s Financial Group, Trina Palmore helps her clients work through the major pain points before moving onto the finer details. So, if you have questions about how you’re going to pay for both your travel plans and your grandchildren’s college education, you can start seeing how all the dots connect.

Most people practice elements of wealth management throughout their entire lives, whether that’s shopping the sales or investing in low-risk stocks. However, by the time you reach a certain net wealth, it becomes untenable to manage all your holdings without risking your entire portfolio. The right financial advisor will lay out your options, looping you into major developments before they negatively impact you or your family. From there, you can make informed, proactive decisions rather than scrambling to protect yourself every time the economic headwinds change. If you’re in the Baltimore area, you can rely on Palmore to give you peace of mind both before and after you retire.

Navigating Life Insurance in Baltimore

Like nearly every type of insurance, life insurance policies have proliferated over the years. With more than 700 carriers in the US alone, it’s safe to say that navigating the landscape is more complex than many people realize.

No longer is it as simple as trying to choose between permanent or term life insurance. You’ll need to assess the terms and conditions of each policy and determine whether the carrier will honor their policies — particularly if there’s a claim dispute. For instance, some carriers will unfairly try to deny coverage based on the initial application questions. Rather than forcing the beneficiaries to go through a months-long argument with the insurance company, you can choose a carrier with a better reputation in the field.

If you could use a little assistance, a financial advisor can help you cut down on research. What’s more, you can count on the right professional advisor to offer guidance in accordance with the rest of your retirement goals and lifestyle preferences.

Some retirees in Baltimore are surprised to learn what insurance can cover for themselves and their families. For example, some permanent life insurance plans can be used as a financial flotation device in case of emergencies while you’re still alive. So, even if you were planning to take out term life insurance until your youngest child turns 25, you may want to switch to a permanent plan so you can call in the policy if and when you need to.

With all the options out there, working through the terms of life insurance plans is a job in and of itself. At Solomon’s Financial Group, you can work with Trina Palmore, a former healthcare broker, who can walk you through each plot point. If you’re looking for a professional in Baltimore who can set you up for success during your retirement, Palmore has the background and acumen to protect your portfolio.