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Retirement Planning Advisors for Illinois

Kane County retirement planning

Wealth Managers for Retirement Preparation and Investments in DuPage County and Kane County

Retirement is an important goal that many people look forward to throughout their lives. The freedom to live out your remaining years comfortably and without work obligations is attractive for obvious reasons, but it is not a guarantee. In order to put yourself in the best position for the kind of retirement you want, it is important that you have a strong financial plan.

At Brookstone Wealth Strategies, we provide financial guidance and wealth management services based on more than 30 years of experience, and we can work with you to develop and implement a retirement planning strategy that addresses your needs. We understand how important it is to protect your retirement savings, and as fiduciary, fee-based financial advisors, we will be sure to manage your assets in accordance with your best interests.

Retirement is a personal decision for each individual, and we want to understand your goals and priorities so that we can develop a plan that can work for you. As you start thinking about your plan, it is important to consider the following questions.

When Do You Plan to Retire?

The age at which you hope to retire can have a significant impact on your retirement plan. An earlier retirement goal could mean that you need to increase your monthly contributions to retirement accounts and investments so that you have sufficient assets to retire comfortably. It also may mean that you will spend more years in retirement overall, which could increase your income needs.

You should also keep in mind that withdrawals from retirement accounts like an IRA or a 401(k) can be subject to a 10 percent tax penalty before you reach the age of 59½, and Social Security benefits can be reduced if you retire before you reach full retirement age. On the other hand, retiring later can give you more time to accumulate the assets you will need to support yourself, and it can also give you full access to Social Security benefits and retirement accounts.

What Lifestyle Do You Envision After Retirement?

Your retirement needs can also vary depending on how you plan to live during your retirement years. If you expect to live a relatively modest life and remain in a home where you have already paid off your mortgage, you may be able to keep your retirement expenses low. However, if you hope to retire to a more expensive location or travel extensively during your retirement, you will likely need more savings.

Your health is also an important consideration when determining your financial needs for retirement. Medicare can often cover many health-related expenses, but you may need additional resources to cover premiums, out-of-pocket expenses, and long-term care, especially if you have a known health condition that requires ongoing treatment.

How Much Investment Risk Are You Willing to Accept?

With assets as important as your retirement savings, it is important to carefully consider your risk tolerance regarding your investment strategy. If you are starting your retirement planning at a younger age with many years remaining before your retirement, you may be able to accept more risk in exchange for investments with higher growth potential, since your investments will have more time to recover if there is a downturn in the market. On the other hand, if you are getting closer to retirement age, a better strategy may be to build an investment portfolio aimed at protecting and preserving your assets.

Contact a Naperville Retirement Planning and Wealth Advisor

If you are looking for advice and assistance with your retirement planning strategy, we can help you get started now so that you have as much time as possible to build toward the assets you need for the retirement you want. Contact us at 630-741-4491 to learn more about how we can help. We are located in Warrenville, Illinois, and we serve clients in Naperville, Wheaton, Lombard, Downers Grove, Aurora, Batavia, and throughout the Chicago area and the United States.

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