Now is the time to review your retirement strategy. Economic shifts and evolving financial goals may impact your long-term goals. In Wealth on Purpose, financial advisor Bryan Ballentine emphasizes the importance of setting obtainable objectives for financial success. Regularly assessing your retirement plan can ensure you’re on track to reaching your goals.

Delaying retirement can offer benefits like increased savings, extended employer benefits, and higher Social Security payouts. A financial review helps ensure your plan aligns with your short-term, mid-term, and long-term goals.

Is delaying retirement the right move for you? Let’s review your strategy and plan ahead.

The Case for Delayed Retirement

Delaying retirement is becoming an increasingly common strategy, whether due to personal preference, financial necessity, or market conditions. Working longer can provide financial advantages, including increased savings, continued employer-sponsored benefits, and a higher Social Security payout. With life expectancy increasing and the full retirement age rising, many individuals find that extending their working years may lead to greater financial flexibility.

One significant factor in delaying retirement is Social Security. Claiming benefits before full retirement age reduces monthly payouts; however, delaying them up to age 70 can increase the benefits by approximately 8% per year. Continued employment also allows for further contributions to tax-advantaged accounts like 401(k)s and IRAs, which can strengthen financial security later in life.

Investment & Risk Management Considerations

For those evaluating their retirement timeline, reviewing investment allocations is important. As retirement approaches, individuals often shift toward a more conservative investment strategy. However, delaying retirement may allow for a more growth-oriented approach, giving assets more time to compound. Be sure to consider current market conditions such as interest rates and inflation when reviewing your asset allocation and withdrawal planning.

Another essential component of a retirement check-in is risk management. Assessing insurance coverage, long-term care planning, and estate strategies can help mitigate unexpected financial burdens. Delayed retirement may allow individuals to keep employer-sponsored health insurance longer, potentially reducing out-of-pocket healthcare costs before transitioning to Medicare.

Retirement Planning Action Steps

1. Review Retirement Account Contributions:
   Ensure contributions to 401(k)s, IRAs, and other retirement accounts are maximized based on income and tax strategies.
2. Assess Investment Portfolio:
   Consider adjusting asset allocations to reflect changing risk tolerance, market conditions, and retirement timeline.
3. Plan for Healthcare & Insurance Needs:
   Analyze health insurance options, long-term care planning, and other protective measures for financial security.
4. Evaluate Social Security Timing:
   Determine whether delaying benefits align with financial needs and long-term retirement plans.
5. Update Retirement Income Strategy:
   If delaying retirement, review income sources, including potential part-time work, passive income, or investment withdrawals.

Keeping Your Retirement Plan on Track

Planning for retirement is an ongoing process, and having a clear strategy ensures you stay on course. Your financial goals, investment approach, and retirement timeline may evolve, and regular check-ins help keep everything aligned.

If you’re looking for personalized guidance on retirement planning, investment strategies, or market adjustments, now is a great time to start the conversation. At Ballentine Capital Advisors, we provide tailored financial strategies to help individuals make informed decisions about their future. Whether you’re considering delaying retirement, optimizing your investments, or planning for long-term security, we’re here to help you navigate the process with confidence.

Let’s connect and discuss your financial future—schedule a consultation with us today.

Sources located at the bottom of the article

Sources

• Ballentine, B. (2023) Wealth on Purpose: Your Path to Grow, Protect, and Keep Real Wealth

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Ballentine Capital Advisors
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Greenville, SC 29607

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Ballentine Capital Advisors is a registered investment adviser. The advisory services of Ballentine Capital Advisors are not made available in any jurisdiction in which Ballentine Capital Advisors is not registered or is otherwise exempt from registration.

Please review Ballentine Capital Advisors Disclosure Brochure for a complete explanation of fees. Investing involves risks. Investments are not guaranteed and may lose value.

This material is prepared by Ballentine Capital Advisors for informational purposes only. It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation or any particular security, strategy, or investment product.

No representation is being made that any account will or is likely to achieve future profits or losses similar to those shown. You should not assume that investment decisions we make in the future will be profitable or equal the investment performance of the past. Past performance does not indicate future results.