Photo of Ray Ferrara CFP Ray Ferrara CFP May 08, 2022

Planning for retirement is no small feat. That’s why it can be beneficial to consult a wealth management advisor for help. According to one study from 2020, about only 6.7% of Americans reported being ready for retirement. Retirement preparedness is an essential component of wealth management. Read below to learn from our advisors a few key wealth management strategies to keep in mind before retirement.

5 wealth management strategies to put in place 10 years before retiring

  1. Identify key goals — Since financial needs can greatly vary based on individual goals, it’s important to know what your goals are. Be sure to create a budget that fits your goals when planning for retirement.
  2. Determine sources of income — In addition to savings for retirement, you should also make sure that you have supplemental sources of income. Once you determine these additional sources of income, it’s important to factor them into your budgeting. You shouldn’t rely on your savings as your only source of income.
  3. Analyze your tolerance for risk — Knowing your risk tolerance is an integral step in retirement planning. Maintaining a diverse portfolio is key to increasing your tolerance for risk.
  4. Face your shortcomings — After completing the previous strategies, you should be ready to confront any shortcomings that may have surfaced. Will your retirement assets surpass your goal? If not, it may be a good idea to reassess your plan of action.
  5. Consult a wealth management advisor — One of the most important strategies for managing your wealth before retiring is consulting with an advisor. These professionals are experienced in handling wealth so that you can meet your retirement goals.

Each of these approaches can bring you closer to accomplishing your financial objectives before retirement, but the best way to prepare for retirement is to meet with a wealth management advisor.

Talk to a ProVise CFP® professional about your wealth management strategies

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance, and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about your wealth management strategies? Contact ProVise today to schedule a complimentary consultation.