Begin by evaluating your current financial situation. Take stock of your savings, investments, pension plans, Social Security benefits, and other sources of retirement income.
Personalized Retirement Planning
Build a Brighter Future
SouthState Investment Services can help position you towards growing and preserving your wealth with a personalized retirement plan.
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As your goals and priorities change, your local SouthState Investment Services Financial Consultant can assist you in refocusing your long-term investment strategy and retirement planning approach to help position you toward preserving and growing your wealth.
Your local advisor can offer a full range of investment and customized planning options including:
Your local advisor can offer a full range of investment and customized planning options including:
- Comprehensive Goals Based Financial Planning
- Investment Strategy and Portfolio Review
- Retirement and Income Planning
- Protecting your Family through Life Insurance and Long Term Care
- 401k Options
- Tax-Efficient Planning
Assessment of Financial Situation
Define Retirement Lifestyle
Determine the type of lifestyle you want to lead in retirement. Consider factors such as housing, travel, healthcare, hobbies, and other expenses. This will help you estimate your needs.
Budgeting and Expense Management
Create a detailed budget that outlines your anticipated expenses in retirement. This will help you understand how much income you'll require to cover your ongoing costs.
Social Security Optimization
Understand your Social Security benefits and the optimal age at which to start claiming them. Delaying benefits can lead to higher monthly payments, which can impact your overall retirement income.
Pension Planning
If you have a pension plan, explore the different options available to you. Each option has implications for your retirement income and the financial security of your spouse or beneficiaries.
Investment Strategy
Develop a comprehensive investment strategy that balances growth and preservation of capital. Your investments should generate income while accounting for potential inflation and market fluctuations.
Withdrawal Strategy
Determine how you will withdraw funds from your retirement accounts. The "4% rule" suggests that you withdraw about 4% of your initial portfolio balance annually, adjusting for inflation.
Tax Planning
Explore tax-efficient withdrawal strategies to minimize the tax impact on your retirement income. This could involve withdrawing from taxable, tax-deferred, and tax-free accounts strategically.
Healthcare and Long-Term Care
Account for healthcare expenses in your retirement income plan. Research Medicare options and consider long-term care insurance to mitigate potential medical costs.
Income for Life
Consider incorporating annuities or other financial products that offer guaranteed income streams for a portion of the money in your plan. These can sometimes provide a stable source of income.
Inflation Protection
Factor in the impact of inflation on your retirement income. Over time, the cost of living is likely to increase, so your income needs to keep pace.
Leaving a Legacy
Address how you want your assets distributed upon your passing. Plan for the potential financial needs of your spouse, dependents, or beneficiaries.
Regular Review and Adjustments
A retirement income plan is not a one-time task. Regularly review your plan and make adjustments based on changes in your financial situation, goals, and market conditions.
Are You Ready for Retirement?
Are You Ready for Retirement?
Try our retirement calculator to see how much you need to save.
Let's Start a Conversation
Let's Start a Conversation
Retirement Insights
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*Please consult your tax-advisor for tax related issues.
**Products and services offered through LPL Financial.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC.). Insurance products are offered through LPL or its licensed affiliates. SouthState Bank, N.A. and SouthState Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using SouthState Investment Services and may also be employees of SouthState Bank, N.A. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, SouthState Bank, N.A. or SouthState Investment Services. Securities and insurance offered through LPL or its affiliates are:Not Insured by FDIC or Any Other Government Agency Not Bank Guaranteed Not Bank Deposits or Obligations May Lose Value The services offered within this investment site are available exclusively through our U.S. registered representatives and are available for U.S. residents only. LPL Financial U.S. registered representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.
