Richard Hanson discusses financial confidence in retirement
Listen to the interview on the Business Innovators Radio Network: Interview with Richard Hanson President of Generations Wealth Management Discussing Financial Confidence in Retirement
Mike Saunders welcomes Richard Hanson, President of Generations Wealth Management, to discuss the importance of financial confidence in retirement. Richard shares his journey into the financial industry, beginning as a teacher who was introduced to retirement plans by a college roommate. He explains how that initial interaction sparked his interest in financial services, leading him to pursue licensing and gain hands-on experience.
Achieving financial confidence in retirement is a multifaceted endeavor that primarily hinges on understanding and managing three critical components: income, expenses, and taxes. Each of these elements plays a vital role in ensuring that retirees can maintain their desired lifestyle without the fear of outliving their savings. Regular reviews and adjustments of these components are essential as circumstances change over time.
Richard shared: “As a trusted family-owned firm, we blend our deep-rooted values of integrity, trust, and reliability with innovative financial expertise. With a commitment to excellence, we strive to be the beacon of financial stability for generations to come, fostering prosperity and peace of mind within the families we serve.”
Retirement income can come from various sources, including Social Security benefits, pensions, and retirement accounts such as 403(b)s or TSAs. Richard Hanson emphasizes the importance of knowing exactly what income to expect during retirement. This clarity allows retirees to plan effectively and ensures they have a reliable financial foundation.
Understanding income also involves recognizing potential changes, such as part-time work or adjustments in Social Security benefits. Regularly reviewing income sources helps retirees stay informed about their financial situation and make necessary adjustments to their spending or investment strategies.
Managing expenses is crucial for maintaining financial confidence in retirement. Many retirees mistakenly assume that their expenses will decrease once they stop working. However, as Richard points out, expenses can often remain the same or even increase due to lifestyle choices, such as traveling or spending on grandchildren.
To address this, retirees should engage in thorough discussions about their anticipated lifestyle in retirement. By identifying and quantifying their desired activities, retirees can create a more accurate budget that reflects their true financial needs. Regular reviews of expenses are necessary to ensure that they align with actual spending patterns and lifestyle changes.
Taxes are an often-overlooked component of retirement planning. While retirees may not have direct control over tax rates, they can take proactive steps to mitigate their tax burden. Richard highlights the importance of understanding how income changes, such as Social Security increases, can impact tax brackets and other financial obligations, like Medicare costs.
By regularly reviewing tax implications and planning for potential changes, retirees can make informed decisions about withdrawals from retirement accounts and other financial strategies.
The dynamic nature of financial planning means that retirees must regularly review and adjust their strategies concerning income, expenses, and taxes. Richard emphasizes the importance of conducting semi-annual reviews to assess any changes in these components. Life events such as inheritances, health issues, or changes in family dynamics can significantly impact financial plans.
In conclusion, financial confidence in retirement is built on a solid understanding and management of income, expenses, and taxes. Regular reviews and adjustments to these components are essential for successfully navigating the complexities of retirement planning. By prioritizing these elements, retirees can create a sustainable financial strategy that supports their desired lifestyle and provides peace of mind.
About Richard Hanson
Two generations of trusted Hanson financial professionals serve multiple generations of clients concerned with financial goals, wealth management, safety, security, and estate planning. Richard Hanson, President of Generations Financial & Insurance Services, began his career in 1983. He is currently an educational speaker on retirement and money management. Mr. Hanson is Designated as a Certified Senior Advisor (CSA). He Currently Holds a membership with the National Association of Life Underwriters. 2011 Insurmark Hall of Fame Inductee. Andrew Hanson, Vice President of Generations Financial began his career in January 2016. He is the Head of Case Design Team & Digital Outreach. He hosts numerous Seminars educating our community on such subjects as; Social Security, RMD’s, Asset Protection, Legacy Protection, College Funding and IRA / 401(k) Analysis.
Learn more: https://www.generationswealthmgt.com/
Registered Representative & Securities Offered Through Capital Synergy Partners, Member FINRA/SIPC , 2860 Michelle Dr. Suite 150 Irvine, CA 92606, Phone: 888-277-1974. Generations Wealth Management Group and Capital Synergy Partners are Unaffiliated Entities.
