Importance of Planning for Your Retirement

Retirement planning is essential for ensuring long-term financial health after retirement. It involves assessing income needs, identifying sources of income, estimating expenses, and managing assets. Working with a qualified fiduciary financial advisor can help set and prioritize retirement goals while ensuring that clients' best interests are met. Starting retirement savings early, ideally in your 20s, allows for the benefits of compounding. Additionally, understanding potential tax implications when withdrawing from retirement accounts is crucial for effective planning.