Information To Plan for Retirement

For most married folks here in the Upstate, Social Security is the single largest source of guaranteed, inflation-adjusted income they'll have in retirement. And yet the decision of when and how to claim it is one of the most rushed, least understood choices people make. Folks will agonize for weeks over which car to buy, then make a six-figure Social Security decision in an afternoon.

If you've done any reading about retirement, you've almost certainly bumped into the 4% rule. It's the most famous rule of thumb in the business: withdraw 4% of your savings in your first year of retirement, adjust for inflation each year after, and — supposedly — your money lasts about 30 years. It's simple, it's tidy, and folks love it because it gives them a number. The trouble, folks, is that real retirement is a lot messier than a tidy rule. Let me explain why the 4% rule can let you down, and what we'd suggest Greenville retirees do instead.

It's the million-dollar question—literally. When folks walk into our offices for a financial plan in Greenville, Spartanburg, or Anderson, this is often the first thing they want to know: "Do I have enough to retire?"I wish I could give you a simple answer, but here's the truth: retirement planning isn't one-size-fits-all. What's enough for someone living in Travelers Rest might be different than what's needed for someone in Clemson. Your lifestyle, your health, your goals—they all matter.

It's the question underneath every other question about retirement.Not 'when should I take Social Security?' Not 'should I buy an annuity?' Not 'what should my investment allocation be?' Those are all important questions — and we spend a lot of time on them at Common Sense Retirement Planning.But underneath all of them is the foundational question that most people are really asking: Can I afford to retire?

Folks, I want to have an honest conversation about something that doesn't get nearly enough daylight in the financial planning world: fees.Not in a sensational way. Not to make anyone feel bad about what they're currently paying. But because I genuinely believe that informed consumers make better decisions — and when it comes to financial advice, you have an absolute right to know exactly what you're paying and what you're getting in return.

I want to tell you about two people who experienced the exact same market drop and had completely different outcomes. The first person — we’ll call him Alan — was 41 when the market declined sharply. His 401(k) dropped significantly over several months. It was unsettling to watch. But Alan kept contributing every paycheck, kept his investment mix steady, and 18 months later, the market recovered and his balance was higher than before the drop...