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Retirement income planning has become the preferred choice for financial advisors who want to give their clients their best chance for success. Rather than relying solely on one revenue source, like the savings it took you a lifetime to build, the financial principle prioritizes outside streams of income, so you’re less likely to need your savings in the first place.

Retirement Income Planning in Georgia: How It Works

Retirement income planning functions largely like your current financial situation does now, but it opens the door to new opportunities. For example, maybe most of your income comes from your job, while the rest comes from stock dividends or a side business.

If you’re wondering how to plan your retirement income, the main difference is that your revenue sources will change. So, you might pay for most of your monthly necessities through a combination of your Social Security check and monthly rental properties. From there, you might pick up a part-time job teaching guitar lessons to have a little extra dough.

The question of “how much do I need to retire?” is one that changes based on everything from inflation to the individual in question. Instead of settling for nice, round numbers, like $1 million in savings, you can talk to a financial advisor who can give you a more nuanced take on the situation.

At Olympic Advisors, Matt Cucchiara can help you prepare for your retirement age and beyond. What’s more, when you choose a boutique retirement firm, you have the extra benefit of working with a small staff. So, instead of having to explain several times that you would prefer not to be a landlord, you can set up boundaries and expectations that stick.

An advisor like Cucchiara won’t force you down any roads. Instead, he’ll lay out the pros and cons of each income option and help you decide which ones fit best with your overall retirement goals. Whether that’s first-class travel or growing your dinner, he can give you the perspective you need to finance all your dreams.

Social Security is a government program that has drastically changed since its introduction in the 1930s. Designed to help retirees pay for all their expenses, today’s program is far less aligned with modern-day inflation. It’s led some people to assume that maximizing Social Security isn’t worth their time or effort.

In some ways, the government counts on you making this assumption, so they don’t have to pay out as much as you’re worth. A financial advisor can tell you more about what you can do on your end to ensure you get the highest possible monthly benefit check.

How to Maximize Social Security in Georgia

If you want to maximize Social Security, you need to work with a professional who understands its rules and regulations. There have been so many iterations to the original 32-page document that many of the original goals have been lost to time. Social Security isn’t just based on how much you’ve paid into the system. From your retirement age to the industry you worked in, the details can get messy fast.

A financial advisor will work through every line item of paperwork, so you won’t miss anything. (Consider that a single mistake can cost you tens of thousands, depending on how long your retirement lasts.) And while it is possible to make corrections to your paperwork, pushing through the changes depends on the workload of the federal government. At Olympic Advisors, Matt Cucchiara helps people in Georgia get the assistance they need, so they don’t have to rely on overworked federal employees to adjust the details.

Social Security is a critical asset for all retirees, no matter how much they’ve saved or how diversified their portfolio is. If you’re looking for secure monthly income, you can’t go wrong with this long-standing federal program. While no advisor would ever recommend making this your sole source of income, it can play a critical role so you can keep your savings for the inevitable emergencies that pop up for everyone from time to time.

The very idea of college has received a lot of controversy, thanks to the rise in student debt without the corresponding rise in salaries. It’s led to families trying to find better ways to support higher education without sacrificing their savings. If you don’t want to get caught in the same cycle as so many other families, a financial advisor can tell you more about how to give your child the assistance they need without crippling your retirement.

How Much Savings Do I Need for College in Georgia?

College planning is ultimately based on the student in question. Some will want to pursue multiple degrees at the most prestigious institutions. Some will want to explore different areas of study and may need additional time to work out their goals. You may want your child to take a part-time job to pay for some of their expenses or to shoulder a percentage of their tuition and incidental costs with student loans.

Whether your child wants to go abroad for a semester or take as many community classes as possible before transferring, a financial advisor can tell you how to work college planning into your portfolio so it doesn’t falter under the weight of all the bills.

Planning for college is as much a financial investment as it is a legacy. The more prepared your child or grandchild is for the working world, the more prepared they’ll be to pass down the same ideals to your future descendants. At Olympic Advisors, Matt Cucchiara helps his clients make smarter decisions about how they treat college spending. He also encourages his clients to bring their kids into financial decisions.

For example, maybe after a session with Matt, you decide that it’s well within your means to cover half the cost of a state school, with your child making up the difference. These kinds of boundaries help children make strategic choices about what lies in store for them, both before and after their graduation.