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Retirement Planning Service

Retirement planning is a complex process. From creating a savings fund to evaluating your financial risks, there is no shortage of tasks you need to complete to adequately prepare for your golden years. At Rinvelt & David, we assist with preparations by offering the following retirement planning services:

As you begin your retirement plans, here are some of the questions you should consider.

What is retirement planning?

What is retirement planning?

Retirement planning involves establishing the income you need for retirement and taking actions that help you meet your funding goals. This includes determining your income sources, considering any leisure, medical, and housing expenses, putting aside savings, and reviewing your financial risks. Planning for retirement is important because it reduces the risk of running out of funds later in life, ensuring that you have a comfortable, happy retirement.

When should I start planning for retirement?

When it comes to making retirement plans, you can never start too early. Ideally, you should start saving in your 20s, once you have finished school and started working. Most employers help individuals save for retirement through 401(k)s, which take money out of your paycheck and preserves it in a separate account.

Should I consult a professional retirement planner?

According to a 2019 study by Northwest Retirement Planning, 15% of Americans have no retirement plans whatsoever. Out of those that do plan for retirement, only 10% are confident that they have saved enough. Many people wrongly assume that they don't need to start saving until after their 30s, while others have no clue how to start the process. Retirement planning can be especially difficult for self-employed individuals that do not receive a 401(k) from an employer.

Consulting a retirement planner can help you sufficiently prepare for your later years. A retirement advisor will assess your current financial situation, evaluate your goals, and help develop a savings plan that works with your budget and covers any expense that may arise during retirement. They will also offer advice if any financial problems occur.

Whether you see us locally at our Grand Rapids, MI office, or we connect with you virtually, the Rinvelt & David team will guide you through all of the tasks necessary for retirement, including budgeting, estimating, and risk management. Our goal is to equip you with the tools you need to have an enjoyable and financially secure retirement. Find out more by reaching out to us today!

Retirement Planning Video

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