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Retirement Planning

"Careful planning is crucial to reaching your retirement goals."

In this ever changing market, planning for your retirement is critical.  Now more than ever, it makes sense to speak with an experienced financial professional. 

At BNB Wealth Management, we deliver solutions for people who want to thrive in retirement without the worries of outliving their pool of resources. Because every single investor is different – with different goals, different expectations and different attitudes toward risk – we have found that the best approach to retirement planning is building a plan that is precisely tailored to your specific goals and objectives.


The Current Landscape

In a recent report from the Insured Retirement Institute, boomers said they fear outliving their retirement savings more than death.  This survey highlights boomers' retirement fears.  The report found that among boomers more than five years away from retirement, "living within a fixed income" is the top retirement focus.

IRI found that 60% of respondents said they were afraid of outliving their savings and investments, and 70% say they are worried their household isn't saving enough.  Furthermore, nearly half of survey respondents said they would put "most of their assets" in guaranteed income products, even if they paid a lower return.

According to the IRI report, just over one-third of boomers within five years of retirement have a fully vested pension.  Cathy Weatherford, president and CEO of IRI, worries that boomers may rely too much on Social Security.

"Despite its perilous state, our survey found that more than half of all unretired Boomers plan to rely on Social Security for their retirement income," she said in a press release.  "This is a clear indication that financial professionals, elected officials and the media all need to better educate consumers to look outside of Social Security to meet their guaranteed retirement income needs."

Almost 80% of boomers with more than five years to go before retirement say they don't think they'll have enough saved.  Unfortunately, 55% don't know how much they'll need.

It seems the closer they get to retirement, the better boomers feel about it.  The percentage of boomers who say they don't think they'll have enough saved fell to 70% within five years of retirement agreed.  In addition,  60% of boomers within five years of retirement say they would prefer meeting with a specialist when making financial decisions.


Retirement Vehicle Options 

  • Mutual Fund only IRAs
  • Traditional, Roth, and Rollover individual retirement accounts (IRAs), plus IRA Resource Checking 
  • 401(k) and Individual(k) Plans
  • Profit-Sharing Plans
  • Age-Weighted Profit-Sharing Plans with 401(k) option
  • Target Benefit Plans
  • 403(b)(7) Custodial Accounts
  • Money Purchase Pension Plans
  • Simplified Employee Pension (SEP) and Salary Reduction Simplified Employee Pension (SARSEP) Plans
  • Savings Incentive Match Plan for Employees (SIMPLE) IRAs
  • Coverdell Education Savings Accounts
  • Health Savings Accounts

With guidance, prudent planning and the right investment vehicles, we can help bring your retirement dreams to reality. We look forward to helping you plan for your future

Talk to a BNB Wealth Management LLC advisor today at 1 (888) OVERSEE to review your retirement plan and make sure you are prepared for your retirement income needs.  Peace of mind is priceless when planning for your future.