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Is Subscription-Based Retirement Planning Right For Me?

Is Subscription-Based Retirement Planning Right For Me?

23 May 2022
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You only retire once, so the sooner you start planning, the better. These efforts should live under the umbrella of your holistic financial plan. A financial planning subscription model can provide people planning for retirement more control, time to build trust for the future, and understanding. 

It makes sense to get started through subscription-based retirement planning to try us on for size, start with simple support at your leisure, and know that your financial plan can adapt to your financial life.

At Humanity Wealth, we offer affordable financial planning in the Bay Area. We are humble financial advisors without a minimum asset requirement. 

Because we firmly believe that everyone is entitled to financial literacy, get started with subscription-based financial planning after reading through these quick tips to start planning for retirement.

How Many People Plan For Retirement In The U.S.?

Did you know that 23% of Americans ages 26 to 35 say they haven’t started saving or planning for retirement? The majority of non-planners are 29% women and 17% men. This number is alarming for us as fiduciary-focused financial advisors because Social Security benefits may be lacking for young workers when they retire.

Since the COVID-19 pandemic, people have also responded to the financial wake-up call:

  • One out of four people reports that they feel less confident now than before the events of the last two years
  • 71% feel very concerned about the impact of inflation on their retirement preparedness
  • 31% don’t know how to ensure their retirement savings keep up with inflation.

 

What Young Workers Should Know About Social Security and Saving

While some people think Social Security benefits will be enough to get them through their golden years, they may need to think again. Yes, your SS taxes go into the Social Security Trust Funds and pay current beneficiaries. However, the Social Security Board of Trustees estimates that due to current law, by 2041, the funds will be depleted.

If this is the case, you need to do things differently than the generations before you! It’s time to educate and empower the young minds of today about planning for tomorrow—their financial livelihood depends on it. 

Why Should Retirement Planning Be Involved In A Financial Plan?

Retirement Plan Concept. Chart with keywords and icons on white backgroundFinancial planning is vital because it identifies your income sources and expenses and establishes your retirement budget based on your plan. Sadly, many people entering retirement don’t prioritize it because it’s not fun, or they don’t know how to begin. We have created a convenient and affordable outlet that puts those reasons to rest. 

“Our job is to is to help you discover your financial opportunities, no matter how much money you have.” — Harry Sherdil

A huge reason you need a retirement plan and savings is to avoid financial hardships when you no longer have the energy or ability to work and support yourself. Plus, most people feel they deserve some downtime as they age to truly bask in the glory of their hard work and life lived.

Ultimately, having retirement savings to fall back on can:

  • Reduce your stress and worry
  • Help you retire when, where, and how you prefer
  • Help you avoid running out of money when you retire
  • Help ensure you don’t have to rejoin the workforce if another crisis arises
  • Help you determine the rate of return you need on your investments
  • Help you know how much risk you should take on your investments
  • Help you calculate how much income you can safely withdraw from your portfolio
  • Help you possibly leave money to your loved ones when you pass through estate planning

 

3 Simple Retirement Planning Tips to Start Saving Today

Retirement planning in the Bay Area with Humanity Wealth starts with going over how you manage your money (budget), your financial goals, and your discipline to save and invest. There is no shame if you don’t have this under control yet. That’s what we are here for!

Here are three tips that we recommend to start saving for retirement today.

  1. Set aside a small portion of each paycheck. Consider that $25 a week invested at 5% interest for 40 years can grow to around $165,000. 
  2. Think about where you can cut back, like eating out less or canceling a digital subscription you no longer use or can do without. Saving as little as $5 a week will add up over time.
  3. If your employer offers a retirement savings plan at work, opting in will be in your best interest. For example, in a 401(k), your employer can match your contributions by up to 6%. If that’s not offered through your work, you will need to save and invest on your own. 
  4. Start considering the different types of insurance you will need and discuss how you can plan with your financial advisor.

Of course, we are here to help you with all of the above efforts as an independent financial advisor in Newark, CA, serving the Bay Area through in-person and online financial planning. Convenience is everything these days, and what’s better than on-demand financial planning support! 

 

Taking Matters Into Your Own Hands

Optimistic, encouraged good-looking african american blond female with afro hairstyle, fist pump move and smiling from victory, winning lottery, celebrating amazing achievement, white background.It’s not too late to start saving and planning or re-planning for your future. Whether you’ve been using the DIY method, are just getting started, or worked with someone in the past that you no longer trust. We genuinely understand your need for financial guidance and are here to provide that however you see fit.

With a clear timeline to follow for your financial goals, your future can look much different than life may feel today. Start with our free financial checklist if needed to start somewhere. Don’t let uncertain times deviate your retirement planning efforts.

Your past financial decisions no longer have to dictate your future if you have a solid plan to follow. As you go through life’s journey, we are here to support you, so you don’t get off track.

 

How to Begin Retirement Planning?

Are you ready to talk to a financial advisor who knows their stuff and is on a mission to make the world a better place? We work with individuals, business owners, couples, families, and multi-generational households to help turn their dreams of financial freedom into reality.

Ready to define your retirement goals? Let’s begin with what age you’d like to retire.

Make an appointment with Humanity Wealth Advisors to get started on retirement planning. 

 

eBook Offer: 5 Easy Steps to Start Retirement Planning Now

More about the author: Harry Sherdil
As a fiduciary financial advisor at an independent firm, Harry strives to offer the same resources, tools, and research as bigger firms while serving new and existing clients' best interests.
VIEW MORE POSTS BY Harry

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