Chuck Oliver with The Hidden Wealth Solution Launches Newest Online Article That Discusses Tools to Estimate Retirement Expenses and Income
Online PR News – 28-September-2019 – Lake Mary, Florida – Lake Mary, Florida's top financial planner and wealth advisor, Chuck Oliver, recently launched his newest online article entitled "The Time is Now to Protect Your Future - Are You Ready?" In his article Oliver discusses tools Americans nearing retirement can use for better retirement planning.
Oliver stated "Thinking about your lifestyle during retirement can cause a roller coaster of emotions particularly in making the transition to needing to use retirement savings to cover all lifestyle essential and desired expenses. I tell clients to think carefully about how they envision living in their retirement years. Do they plan to travel? Planning to downsize their current home, purchase a second or third home? Upgrade their vehicles? All of these require a significant amount of money and planning. For some Baby Boomers they interpret retirement with loss of income and living very stringent while others think of retirement as a time to enjoy hobbies and interests, they couldn't enjoy while working and raising their family. Either end of the retirement spectrum requires some form of income. If you are like many, traveling and visiting family typically top the list for desired things to do. I encourage people to think with the end in mind. How much will you need to live on each month once you reach retirement? Once you calculate that then look at your hobbies and interests. If you plan to travel every few months in a calendar year, those costs will also be needed in the equation. Retirement doesn't mean stop spending, it's about not surviving retirement but about thriving in retirement. It just means you want to plan well ahead of your retirement years so you can maintain your lifestyle. There are several online tools available to help in the retirement planning process. Online retirement calculators can be useful when creating your retirement budget. I highly encourage you to seek out the best financial planner or financial advisor to guide you on your retirement planning. One would hire a guide to provide the greatest experience on a safari in order to not miss the key sites and avoid the danger areas."
In his article, Oliver discusses how many Americans invest in the stock market which he says is a good investment, however, offers risky returns. He further explains that as one approaches their retirement years they may not have the time for their investment to recover before they need to draw upon it should the market take a tumble.
Oliver added, "If you have saved enough money for retirement you may want to consider a "Lifetime Strategic Retirement Plan" (LSRP) that will determine your lifestyle income needed to cover inflation and other increased and desired costs. An LSRP also will help you determine a distribution plan so you draw from the right accounts during the appropriate times. This will help you to avoid a sequence of return risk and future tax rate risk."
In his online article Oliver further explains how retirees should have a detailed written retirement plan that explains which retirement accounts should be drawn upon first. Having a detailed plan he recommends will allow one's retirement account to stay balanced and tax efficient. Oliver also suggests that the plan includes how and when one will claim Social Security. He urges people to start claiming Social Security later then the approved age of 62 years old. He stated "Most people don't realize this but if they wait until age 70 to start drawing upon Social Security they can grow their Social Security benefits by 8%."
Oliver coaches clients on how to achieve the maximum Social Security benefits when possible. In his article he writes that the key to keeping the maximum amount of Social Security benefit income is to coordinate the tax planning with the Social Security income planning. He often asks retirees if they know how much of their Social Security income is subject to tax. "People are astounded by the fact that up to 50% - 85% of their Social Security income may be taxed based on taxable formula rules. If figuring out how to plan for retirement is confusing, I urge people to consult with an experienced financial advisor that specializes in working with retiring or retired Baby Boomers. Selecting the right type of specialty planner is key. You want somebody who will teach you how you can legally pay less in taxes versus a financial planner that doesn't have a plan to address taxes." Stated Oliver.
To read Oliver's article in its entirety visit online at:
Chuck Oliver and his team at The Hidden Wealth Solution are available Monday through Friday between the hours of 9am - 6pm EST. Their office is located at 250 International Parkway, Suite 146, Lake Mary, Florida 32746. Those interested in following Oliver and hearing more about wealth management, taxation elimination, retirement planning, reducing tax brackets, 401K investing, alternatives to ROTH IRA's and how to retire early are invited to attend every Tuesday Oliver's complimentary educational webinar. The next webinars are scheduled for Tuesday October 1, 2019, Tuesday October 8th, 15th, 22nd and 29th. The webinar is offered at 11:00am EST, 3:00pm EST, 7:00pm EST, 8:00pm EST and 10:00pm EST. To register for this free webinar visit online at: https://retirementprotected.com/
Each week Oliver hosts a weekly radio show in Orlando, FL, Jacksonville, FL, Tampa, FL, Dayton, OH and Phoenix, AZ. To hear his archived shows visit online at:
For more information or to schedule a consultation with Chuck Oliver and his team of wealth advisors, Baby Boomers and those looking ahead to retirement should call 1-800-825-1766.