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Rogelio Gonzalez, CRPC®, CSRIC™
Financial Advisor, Prudential Advisors
Pacific Northwest Financial Group
7525 SE 24th Street, Suite 110
Mercer Island, WA 98040
Phone: 360-919-4271
May/June 2024
Building Wealth for Retirement
Saving for retirement in an employer’s 401(k) plan or an individual retirement account (IRA) is only one part of a wealth accumulation strategy. A comprehensive wealth strategy involves a personalized, in-depth review of what your financial future may look like. Having a wealth strategy can help you set a course for financial stability in retirement.
Your Financial Situation
The wealth accumulation strategy you employ will depend in part on an assessment of your current finances, including the assets you already have. A review can help determine if you’re saving and investing enough each year based on your goals and allow you to address any potential gaps.Your Goals
The amount of money you’ll need in retirement will depend on your expenses and your desired lifestyle. Think about where your income will come from and the amount you can expect from each source. Then estimate your expenses, including living costs, health care, taxes, travel, hobbies, and legacy plans. Knowing how much money you’ll need for each expense will give you a better understanding of what you’ll have to earn from your investments. Use it as a guide in determining your asset allocation* and the amount of risk you can take with your investments.Strategies for Growth
The wealth strategies you implement should be specific to your goals and include both growth and protection strategies. Start with a diversified* portfolio that consists of a wide variety of asset classes, such as stocks, ETFs, mutual funds and fixed-income investments. Also, consider an annuity to help create a lifetime income stream for you or for you and your spouse.** Consider adding life insurance to replace a spouse’s income if he or she dies; a long-term care policy to protect you from rising care costs; and a health savings account, if available to you.Your financial professional can help you create and implement a wealth accumulation strategy to prepare for retirement.
*Diversification and asset allocation cannot eliminate the risk of investment losses. Past performance won’t guarantee future results. An investment in stocks or mutual funds can result in a loss of principal. Asset allocation may help reduce volatility in your portfolio.
**Distributions from annuities are taxed as ordinary income and, if taken prior to reaching age 59 1/2, may be subject to an additional 10% IRS tax penalty.
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Prudential Advisors is a brand name of The Prudential Insurance Company of America and its subsidiaries. Offering investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Prudential and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Prudential, the Prudential logo, and the Rock Symbol are service marks of Prudential Financial Inc., and its related entities, registered in many jurisdictions worldwide. Pacific Northwest Financial Group and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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