*Special Advertising Feature*
Vice President, LPL Financial Advisor | Wye Financial Partners
Lora Davis is an Eastern Shore Native, who grew up in Queen Anne’s County. After graduation from Salisbury University, she began her career as a Financial Advisor with Wye Trust Services, now known as Wye Financial Partners. Lora went on to pursue her Master of Business Administration (MBA) and has acquired other designations as well, including the Certified Fiduciary Plan Advisor. She has a passion for helping her clients navigate their financial lives, and especially enjoys helping individuals plan for and move into retirement.
I think it’s time to start planning for retirement. Where do I begin?
Although most of us recognize the importance of sound retirement planning, few of us embrace the nitty-gritty work involved. With thousands of investment possibilities, complex rules governing retirement plans, and so on, most people don’t even know where to begin.
First, set lifestyle goals for your retirement. If you hope to retire at age 50 and travel extensively, you’ll require a lot more planning than other people.
How do I know what my expenses will look like?
You’ll need to account for basic living expenses, from food to utilities to transportation. And don’t forget that you may still be paying off your mortgage or funding a child’s education well into retirement. You will also need to figure out how you will pay for health insurance until at least age 65, when you will be eligible for Medicare. Finally, be realistic about how many years of retirement you’ll have to fund as many people are living longer.
How do I know what to expect my income to be after retirement?
Identify the sources of income you’ll have during retirement, and the yearly amount you can expect to receive from each source. Common sources of retirement income include Social Security benefits, pension payments, distributions from retirement plans [e.g., IRAs and 401(k)s], and dividends and interest from investments. If you find that your retirement income will probably meet or exceed your retirement expenses, you’re in good shape. If not, you need to take steps to bridge the gap. Consider delaying retirement, saving more money, or taking more investment risk.
What do I do once I’ve figured out my income and expenses?
Sound retirement planning is critical. If you’re ready for more detailed planning and sound professional guidance, Lora welcomes your call.
Lora Davis, CPFA® | Wye Financial Partners 16 N. Washington Street Easton, MD 21601 410-763-8543
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA and SIPC). Insurance products are offered through LPL or its licensed affiliates. Shore United Bank N.A. and Wye Financial Partners are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Wye Financial Partners and may also be employees of Shore United Bank N.A. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of Shore United Bank N.A. or Wye Financial Partners. Securities and insurance offered through LPL, or its affiliates are: Not Insured by FDIC or Any Other Government Agency | Not Bank Guaranteed | Not Bank Deposits or Obligations | May Lose Value.
