Daniel Pugel wants your retirement to be more than a dream.
Unfortunately, many Americans lack the commitment, planning, and resources to turn this into a reality.
Most of the nation is trending in the wrong direction. A LendingTree report released last year paints a bleak picture. Their research concluded that the average retirement age has risen to 66 years old. Yet, it’s even worse for many. In this same survey, 74% of participants expect to work even after retirement. The issue is inadequate preparation. LendingTree found that four in five U.S. workers failed to even secure basic, long-term financial planning.
Luckily, Daniel Pugel can help. In fact, he’s already retired once himself. After leaving law enforcement, the Normandy Park, WA, native pursued a rewarding career as a financial advisor. And he’s been quite successful. Working for some major firms, Daniel Pugel has racked up more than 20 years of experience and has overseen more than $100 million in assets. He formerly served as Senior Investment Consultant for his own firm, which he founded in 2004.
Although successful retirement planning won’t happen overnight, Daniel Pugel draws on his expertise and experience to share seven necessary steps everyone should follow.
Set a timeline
Age is the leading factor when establishing a retirement strategy. Consider your current age and projected retirement age. If the gap between these numbers is large, you can afford to absorb higher amounts of risk. Daniel Pugel challenges anyone with 30-plus years before retiring to seek out riskier investments.
Identify spending habits
What will your post-retirement lifestyle look like? Do you want to travel? Are you planning on filling your free time with shopping or lunch with friends? Answering these questions is critical during the planning process. Be realistic so you can account for any additional savings that may be required.
Assess risk tolerance
This comes down to comfort. No matter what timeframe you’ve set, balance potential gains with your own personal risk aversion. Daniel Pugel stresses the importance of customizing a plan that meets your needs. Set these boundaries, but fight the urge to overmanage.
Earmark guaranteed income for expenses
Capture your daily expenses first. Essential items, like housing, healthcare, and food, should come from stable sources of income. Pensions, fixed income annuities, and Social Security are the three most common revenue streams.
Invest in growth
Once the basics are budgeted, use investments to generate revenue for hobbies, vacations, and other non-essential luxuries. Daniel Pugel always advocates for a diversified approach. Mix stocks, bonds, and cash. This blends conservative and riskier investments. As a result, his clients retain flexibility, adapting and adjusting to the market.
Calculate tax rate
Remember to set aside funds for future tax payments too. This is an oft-forgotten but necessary step. There are some fluctuations based on the types of accounts you possess. Your tax status will be determined once you start withdrawing funds.
Review frequently
No plan is bulletproof. Now is not the time to adopt a “set it and forget it” approach. Make reviewing and revising your retirement plan part of your routine. Regular meetings with a financial advisor, like Daniel Pugel, can help you stay current.
