Retirement Planning
Are you close to retiring or are already retired and haven’t though about a retirement plan? You still have plenty of options!
The Two Phases of Retirement: Planning and Living Your Dream
What is it that is equivalent to laying down the very foundation bricks of a secure and fulfilling future? It is building a retirement plan. The kind of future where you are able to enjoy the rewards of all the hard work you put in over your working years, without a single thought or worry about financial stability. At NRI Wealth Management, we know that planning for a secure retirement is a 2-phase process, both phases being equally important – Planning for Retirement and Living in Retirement. It doesn’t matter if you’re starting saving at an early stage in your career, approaching the age of retirement or if you already are retired, without a plan in place; we are fully equipped to give you sound advice for any stage of life you may be in.
Phase 1: Planning for Retirement
In the first phase of retirement, the focus is primarily on accumulation of wealth, over the years that you are working – whether as an entrepreneur or if you are employed. The key steps that should be taken over the first phase are:
Identifying Long-Term Goals: We consult with you to identify what your long term goals for your lifestyle are and thus set clear objectives for your retirement plan.
Assessing Risk Tolerance: We discuss to assess your unique level of risk tolerance that is within your comfort zone and craft a strategy that is balanced and is in tandem with the goals we set in the previous step.
Leveraging Retirement Accounts: We leverage the different accounts such as your contribution to 401(k)’s, pension plans, IRA’s and other retirement savings vehicles so that you benefit from tax advantages available to you and compound the growth factors.
Building a Savings Plan: We design a personalized and tailored strategy for you to be able to save as per your income sources, and your projected future cash flow needs to ensure financial readiness for retirement.
It is best to begin early in your career as the earlier you begin, the greater becomes your potential for growth. However, that does not mean that it is ever too late to start building a solid financial foundation. Begin when you can.
Phase 2: Living in Retirement
The next phase – Living in Retirement – begins when the years of work have come to an end and you can call yourself “retired”, or when you’re close to the age of retirement. Now the focus has shifted from generating and accumulating wealth to managing payouts and distributions in manner that optimizes your present resources to sustain a comfortable lifestyle. We, at NRI Wealth Management aide you in doing just that by:
Manage Existing Accounts: We oversee and consolidate your current 401(k) accounts from previous employers, which streamlines your portfolio for maximum efficiency.
Create a Post-Retirement Portfolio: Even if you have no retirement plan in place, we can help you craft a new portfolio tailored to your needs, focusing on generating income, preserving capital, and supporting your goals.
Develop a Withdrawal Strategy: We ensure your distributions and payouts are tax-efficient and align with your income needs.
Adapt to Changing Needs: As it is with life, your retirement also evolves and we routinely consult with you to adjust your strategy to maintain financial stability and meet your new priorities.
Retirement Planning as a Dynamic Process
Planning for retirement is not a static process – it is meant to evolve with your career, your income and your aspirations. Contributing early on in your life, no matter the size of your contribution, even minimally small, can and will grow significantly over the years partnered with sound financial advice. As you grow and progress in your career, you can and should refine your goals and maximize your savings. As you approach retirement, the focus slowly shifts to protecting the wealth you have and ensuring it’s efficient distribution.
If you’re reading this page as a person who is already retired and are feeling like you may be too late, we assure you that that is not the case at all! If you lacked the financial awareness and the right guidance in the years past, or even if you just need a fresh perspective on your retirement plan, NRI Wealth Management is right here for you. We, over the years, have specialized in crafting targeted and tailored retirement strategies that are in complete harmony with your unique life and financial position, and make you feel secure and assured about the financial aspect of your future.
Beyond Financial Security: Envisioning Your Ideal Life
Retirement is not and should not be about just finances — it is about living out the life you have spent alot of time envisioning and working hard for. Which is why, we at NRI Wealth Management take a very holistic approach to retirement planning, thereby helping you address your personal dreams, not just the financial aspects of it. Which is why we discuss with you:
Creating a Realistic Budget: Accounting and providing for future expenses like housing, healthcare, leisure, and more.
Exploring Lifestyle Goals: Identifying hobbies, activities, and opportunities to enrich your retirement years.
Whether you are planning for retirement, navigating through it’s complexities, or starting afresh with no prior strategy, NRI Wealth Management can be your dedicated partner. We give you clarity, expertise, and a roadmap which is tailored just for you which ensures that both – your financial security and your dreams are taken into thoughtful consideration and planned for.
It’s never too early—or too late—to take control of your retirement. Let NRI Wealth guide you toward the secure, fulfilling future you deserve.