(StatePoint) – People are living longer, fuller lives than ever before, which means retirement plans need to stand the test of time. With this in mind, it makes sense to review your financial plan and make necessary tweaks to set yourself up for success.
“Knowing that your retirement plan includes long-term protection from market losses and opportunities for growth can help you feel more confident about facing some of the challenges that may come your way,” says Will Fuller, president of Annuity Solutions and Distribution for Lincoln Financial Group.
“What’s more, working with a financial advisor can help you balance your competing financial priorities to help ensure you are on the right track for a successful, comfortable retirement.”
Fuller and the professionals at Lincoln Financial Group offer the following tips for creating a successful retirement plan.
Start Saving Today
If your employer offers a 401k, enroll if you haven’t already. If you’re currently enrolled, then consider boosting your contributions or creating an additional retirement account. Only four in 10 savers are saving as much as they think is necessary, according to the 2017 Lincoln Retirement Power Participant Study.
One reason for this is that many savers face competing financial priorities, such as saving for college for their children and paying down mortgage debt. A financial advisor can help with managing such competing priorities.
Plan For the Unexpected
Most people age 65 and older will need some form of long-term care, so plan for this potential expense. One way to help guarantee that you will have the financial resources to pay for such expenses as they arise, while protecting the savings and income you’ve worked to build, is through a long-term care funding solution.
Solutions that Offer Lifetime Income
“Retirement strategies that were once successful may no longer stand up to today’s challenges, including fluctuations in the market, inflation and tax reform,” says Ric Martin MS, CFP, of Bluestone Wealth Partners in Columbus, Ohio, and a registered representative of Lincoln Financial Advisors, who works with clients on their retirement income plans.
“Depending on retirees’ personal situations and if an annuity works for them, savers can help ensure that their income is available and there when needed in retirement,” Martin said.
“An annuity can provide a stream of guaranteed lifetime income that they won’t be able to outlive.”
More retirement resources and tips can be found at www.lincolnfinancial.com.
Savers should look for a retirement savings plan that is well-rounded and well-protected against risk. Consult with a qualified advisor who can help you plan a strategy that will leave you feeling more confident about your future.