Retirement should be the time to kick back, enjoy the accumulated fruits of life’s efforts, explore hobbies, maybe travel, and spend time with loved ones – be they friends or family. It should be a well-deserved reward after years of hard work. The reality is, however, that for many people, the transition process isn’t as easy or calm and is often frayed by financial uncertainty.
A steady, sufficient, and reliable income is a prerequisite for an excellent retirement phase. It’s probably the most critical prerequisite after being as healthy as possible. While Galen Bargerstock and Clinton Smith might not help with aging healthily, their company GCES has helped many people plan financially for their retirements.
“There’s much more to having a comprehensive retirement plan than just opening a savings account and putting some money aside regularly,” Bargerstock, GCES’ President, explains. “It’s a complex strategy that includes everything from pensions and Social Security benefits to investments and even passive income streams. And with the unpredictable economy and the world, it’s best to have a nest egg that will grow with time.”
Over the years it’s been in business, GCES has built a proven track record of creating retirement strategies that have left their clients as secure as possible for their golden age. But before they develop the exact process, it’s essential to determine the goal parameters.
“Every client has different wants, needs, and preferences. People want to live different lifestyles in their retirement, but they also have distinct medical needs, for example, or housing requirements,” Bargerstock explains. “On top of those parameters, there are factors such as inflation, the cost of healthcare, market volatility, and even life expectancy that we must consider.”
Only when the goal is defined can a financial planner start lining up different methods and instruments that could, among other things, boost the retirement income. For example, diversifying a client’s investment portfolio is the classic way of managing risk. Still, it could be nudged toward creating a more considerable return — if the client’s risk tolerance allows it.
Annuities are designed to offer a steady income stream, making them particularly well-suited for people who want financial stability in retirement. Variable annuities are an option, too, although it might be best to balance them out with some steadier options.
Social Security benefits are one of those steadier options — but there’s nuance to them, too. When GCES advises their clients about Social Security benefits, they explain how crucial it is to time the start of the benefits correctly and to coordinate benefits with a spouse when applicable. The idea is to get the most value out of the contributions. Having a passive income is another option. Dividend-paying stocks and real estate investments create a consistent income stream without much effort.
“At GCES, we create innovative retirement strategies that match our clients’ goals and help them get the most out of every cent they put towards their retirement,” concludes Bargerstock. “We help plan their estates, too, and make sure that our plan gives room for some adaptation to changing circumstances. That’s the best way to secure the clients’ financial future and peace of mind.”
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