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Our experienced team is here to offer you ongoing guidance and planning.

Retirement Planning Services Near Worcester, MA


McGrath Advisors Inc.

Our experienced team is here to offer you ongoing guidance and planning. At McGrath Advisors Inc., we help you learn how to navigate what is possible. Our fiduciary promise is to uphold the highest standards of integrity, honesty, and commitment to do what is right for our clients, no matter what. Client education is a top priority. We pride ourselves on helping you make informed financial decisions. Retirement planning services are one of our specialties. The team at McGrath Advisors Inc. is focused on being responsive to client needs and providing innovative solutions to help you achieve a life well planned.

Retirement Planning – What is it?

Retirement planning is a process that includes determining retirement income goals and determining the actions needed in order to achieve them. Of course, planning for retirement looks different for everyone. Each individual’s goals are unique, and your retirement plan should be as well. It is crucial to keep in mind what quality of living you want to obtain in the retirement phase of your life. Retirement planning helps you take a deeper look at what you want, need, and whether your goals align with potential income sources for retirement. No matter what stage of life you are in, it is never too early or too late to begin planning for retirement.

Planning for Retirement Basics

The process of retirement planning takes multiple steps over an extended period of time. Your retirement plan evolves with you and your life. There are a few planning for retirement basics that you need to pay attention to, no matter where you are in your journey. Understand your time frame. Your current age and the age at which you expect to retire play a significant role in the foundation of your retirement plan.

Determine spending needs for retirement. Having realistic expectations about spending in retirement is crucial.

Pay attention to risk tolerance and how it compares to investment goals.

Proper portfolio allocation takes your risk tolerance into consideration while aligning with your goals.

Keep estate planning at the forefront. Estate planning is a vital component of a well-rounded retirement plan.

Stages of Retirement

  • Pre-retirement – This is the planning stage. Any age before retirement can be considered pre-retirement, but most people really move into this stage about ten or fifteen years prior to retirement age.
  • Honeymoon – The honeymoon stage is where most people find the freedom to do all of the fun things they had been putting off during their working years.
  • Disenchantment – During this stage, many people become disenchanted with retirement as a whole. Many people ask, is this it? It is important to keep mental
  • health at the forefront of your mind here.
  • Reorientation – Begin building your new identity as a retired person. During the reorientation stage, many people find themselves again.
  • Routine – Finally, people begin to settle into their new lives as retirees and find what works for them during this stage of retirement.

Retirement Planner

A retirement planner is a financial professional who specializes in planning for retirement. A retirement planner will help you identify your potential sources of income, estimate expenses, create a savings plan, and manage assets. They are skilled in estimating future cash flow and assets. A vital factor to consider is the credentials of a retirement planner. The title “Retirement Planner” requires no training in and of itself. However, looking for other designations is an intelligent way to find a quality retirement planner. For example, the Accredited Investment Fiduciary (AIF) designation is a professional certification that demonstrates a financial advisor who serves as fiduciary to their clients. AIFs are legally obligated to do what is suitable for their clients and put their needs ahead of their own.

Key Takeaways

There is no one-size-fits-all plan for retirement. It is imperative that you meet with a financial professional who can help you create a sound retirement plan that looks like your version of financial success and freedom in retirement. The best time to begin planning for retirement is right now. The sooner you start, the better equipped you will be when you do retire. Meet with an advisor at McGrath Advisors Inc. today to begin a dialogue about where you are now and what your next steps should be.