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Retirement Planning – Irving, TX

Prioritizing Your Future

It is never too early to start thinking about retirement planning . This is why our wealth managers at Cadent Capital, LLC are here to help. No matter if you are working your way up the corporate ladder, fully established in your career, preparing for your last day on the job, or already enjoying life without the alarm clock, you can count on our team of professionals to provide the services and resources needed to ensure your future looks bright. Call us to schedule a consultation to learn more about what we can do to help you.

What is Retirement Planning?

Woman saving for retirement in Irving

As you look ahead to the future, you may already be contributing financially to live without the normal 9-to-5 one day. If so, this is a great first step, especially since retirement planning is about establishing income goals and identifying how best to reach them.

This often includes meeting with a wealth manager who will review your current income as well as determine an appropriate savings approach, go over your expected expenses, and survey your assets and risk.

The ultimate goal is to make sure that you have enough money during retirement to take care of yourself.

Importance/Benefits of a Retirement Plan

Retirement Ahead street sign in Irving

No matter when you begin, you will discover that setting aside funds or paying into your 401(k) through your employer will lead to greater savings that will prove fruitful when you retire.

Additional benefits that come with retirement planning include:

  • Less stress when it comes to the financial security you will need later in life
  • The tax benefits you can receive during retirement as well as those that may be passed on to retirement beneficiaries
  • Giving to family, friends, or charitable organizations without the worry of significant tax burdens
  • Establishing a desired goal between spouses or other individuals in the family who may be affected by your retirement, ensuring that plans of spending and daily living are the same

How Cadent Capital Can Help

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When it comes to taking the first step, you may be unsure of where to start. The good news is that our team at Cadent Capital, LLC can take the pressure and worry off your shoulders and instead, discuss each step with you.

The best place to start is to determine your goals. These can include when you want to start putting money back toward retirement, the desired age you would like to retire, and the realistic number you would like to have saved once you reach that point in your life.

Much like you would if you were saving for a vacation or another big event or purchase, you’ll need to determine how much of your income you should set aside monthly. You can work with a member of our team to figure out this amount or use some of the available calculators on our site to help.

Determining how much of your income you should set aside is a pivotal step in ensuring your retirement plan goals can be met. Once your goals are determined, one of the more difficult factors is knowing how much money you may need. We can assist you with figuring out the amount and how much you should save along the way or you can use some of the available calculators on our site to help.

Retirement Planning FAQs

Couple discussing retirement planning in Irving

As you consider how to start the process of retirement planning, we at Cadent Capital, LLC understand you probably have many questions. Because of the intricacies and details that come with this type of service, we want to make sure you have all the information you need to feel confident in your decision to choose our team to help you on your path to a successful future. Below, you will find a list of frequently asked questions about retirement planning as well as our answers. Please feel free to call our office if you would like to learn more.

When Should I Start Planning for Retirement?

The truth is that it’s never too early to start planning for retirement. Each financial plan is unique. Your specific retirement planning timeline depends on your financial goals and circumstances. Just like life, your plans and goals can change over time. While getting started is important, making sure you update your plan along the way is key financial success.

How can I know if I’m going to have enough money to retire?

Knowing whether you have enough money saved to retire comfortably can cause feelings of uncertainty no matter what stage of life you are in. You want the assurance of knowing you’ve saved enough to take care of your needs but how can you know? Meeting with a member of our team at Cadent Capital, LLC is a great first step, as our wealth managers can help in discussing your goals, current investments and risks, and any existing income that is coming in.

What should I do about affording health insurance once I retire?

During your working years, you more than likely receive your health insurance through your employer. However, once you retire, you’ll be required to pay for your own plan out of pocket.

Not having a plan for healthcare during retirement can be detrimental to your overall plan. If you have not considered planning for healthcare during retirement or are not sure how it works, it is important that you get started now. Reach out to a member of our team who can go over how best to project expected costs associated with health insurance premiums.

If I’m looking to retire but have debt, should I take it from my retirement account to pay it off first?

Ultimately, the decision is yours, but it’s important that you weigh the pros and cons of this decision. Managing debt can be a significant financial challenge, and many individuals contemplate using their retirement accounts to pay off debt as a potential solution. While it may seem like a quick fix to alleviate financial burdens, it’s essential to understand the potential consequences and risks associated with this decision and how it may affect your overall retirement plan. Before making any decisions, it’s crucial to explore strategies available and what makes the most sense for you. The choice is yours, but you are advised to talk to a professional before making any decisions.

When should I start pulling from Social Security?

Social security is a benefit that is afforded to most individuals. If you begin taking advantage of these benefits early on, you will bring less income home, whereas waiting to collect on social security will ensure you receive more of your monthly pay. This decision is not to be made lightly. Although more money could potentially be in your pocket sooner, it can have serious consequences that can lead to lost money in the future at the time of retirement. It’s important to talk to a wealth manager who can help you go over your plans as well as other factors (i.e., longevity, inflation) that can determine whether you should start collecting social security or wait.