What is Individual Sovereignty? For most, it is the freedom and ability to do what one wants. And what allows one to do what one wants? Money. As their name implies, Sovereign Wealth Managements core mission is to lead our clients as far down the path to Individual Sovereignty as possible. One cannot achieve Individual Sovereignty without money. How does one know how much they will need save and invest to become financially independent, or achieve their desired retirement lifestyle? How does one know how long it will take to save enough to pay for ones kids college, or buy that boat, or a vacation home? These are some of the questions many investors and retirees struggle with.
To help make the planning process easier, Sovereign Wealth Management in Vienna VA recently released their retirement and savings calculators. The new tools, offered free of charge, are a simple and effective way of determining ones retirement readiness, and what it will take to achieve their financial goals. It is also a great starting point for anyone looking to begin investing and saving for his or her future.
The calculator, according to a Sovereign Wealth Management spokesperson, is surprisingly easy to use and is a great starting point to planning ones financial future, however they strongly recommend speaking with a qualified Wealth Manager to make sure all the proper factors are being considered in putting together the investment and financial planning strategy to achieve ones goals.
According to GoBankingRates.com in a recent survey, theyve found that over half of Americans have $10,000 or less saved for retirement. An even more surprising statistic is that 1 in 3 or 33% of Americans dont have any savings at all.
There is an estimated retirement savings gap of between $6.8 and $14 trillion according to The National Institute on Retirement Security estimates. This same organization survey also found that a large majority of baby boomers are uncertain about, or doubt their financial future. 68% of this majority wishes theyd saved more and 67% wish they started saving for their retirement earlier. Greater than 50% of these Baby Boomers said they will need to rely on Social Security to make it through retirement.
According to Mortgage Professional American (MPA), homeowners 75 and older that still have mortgage debt have almost tripled – from 8.4% to 21.2%.
Many financial advisors recommend their clients pay off the mortgage on their house before they retire. However, according to MPA from 2001 to 2011, the percentage of homeowners of retiring age who still have mortgage debt has increased from 22% to 30%.
As an expert in retirement planning and financial strategies, Principal Wealth Manager Gary Korolev suggests all retirees or soon to be retirees review and update their retirement plans as soon as possible. According to Gary, delaying an independent review of investment strategies, insurance and financial plans is one of the biggest mistakes retirees make and also a big reason retirement plans fail for most people.
While discussing the various retirement calculators and services available through Sovereign Wealth Management, Mr. Korolev mentioned, We have worked diligently to develop a unique set of financial services that support people as they approach their retirement and beyond. Our sophisticated calculators, and financial models provide the foundation for a comprehensive retirement strategy.
When it comes to financial planning, there are a number of grey areas were retirees can be left in the dark about the options available to them, which could be contributing to the statistics mentioned above.
Garretirementd that their free retirement and savings financial calculators are the first step in alerting prospective clients about the realties they could face, but at the end of the day, We want to clarify personal finance for current, and soon to be retirees; provide ease of accessibility to everyone, and ensure investors have choices that lead to better investment and retirement outcomes.
About Sovereign Wealth Management
Sovereign Wealth Management is a leading retirement income, financial planning and wealth management firm based out of Vienna, VA. Theyve helped clients throughout Northern Virginia, Maryland and Washington DC by delivering best practice financial and wealth management strategies to individuals, families, divorcees, elderly couples, older individuals looking for stability and growth in their asset base.
Their core competencies include Financial Planning, Wealth Management, Risk Management, Estate Planning and Multi-Generational Asset Transfer Planning, Managing Executive Deferred Comp Assets.
Sovereign Wealth Management 8229 Boone Blvd, Suite 760 Vienna, VA 22182 (703) 310-7255
This article provided by NewsEdge.