In the Virgin Islands, consumers start their plan for retirement as early as possible. The plans could involve IRAs or 401(k) plans available through employers. It is also possible to generate savings through additional means whenever possible. A local financial advisor assists consumers who want to plan their dream retirement now.
Reviewing the Consumer’s Dream Retirement
The consumer meets with their financial advisor and outlines what dream retirement is to them. For some, dream retirement is the ability to go on lavish vacations at any time. For others, it is selling everything and traveling the world in a recreational vehicle. When reviewing the goals, the financial advisor creates a plan and shows the consumer how to reach each milestone.
How Much Will the Consumer Need?
The first step is to determine how much money the consumer will need to achieve their retirement goals. The value is generated through savings, retirement, and pension plans. The financial advisor reviews each option for generating the necessary funds. The consumer’s life expectancy could also play a role in determining how much money they need once they stop working.
Will the Consumer Downsize When Retiring?
If the consumer wishes to downsize when retiring, the financial advisor could assist them. The plans start with the sale of their current property. All excessive personal belongings are reviewed, and the advisor identifies what items the consumer should sell. For example, if they have accumulated artwork throughout their lives, the sale of the items could generate enough proceeds to purchase a new or smaller property when downsizing.
Does the Consumer Need Residual Income Streams?
Residual income streams provide a continuous stream of income for the consumer. Financial advisors review options for the consumer based on their current income. Investments such as stocks, rental property, and crowdfunding could provide adequate residual income streams.
In the Virgin Islands, retirement plans should provide consumers with everything they want. After all, they have worked their entire lives to reach this point. A dream retirement plan is based on the ultimate goals preferred by the consumer. A financial advisor could provide the consumer with a real solution for achieving the best retirement possible. Consumers who want to learn more about retirement plans contact Kirk Chewning right now.