Louis Valdez is a seasoned finance professional who advises clients on how to manage retirement wealth with a twist of adventure. With a keen eye for both fiscal prudence and wanderlust, Louie details the journey of financial wisdom and travel aspirations. In the following discussion, Louie Valdez delves into the art of leveraging a budget to not only secure a successful retirement but also unlock the globe-trotting experiences for a memorable retirement.

Retiring may be something to look forward to, but mismanaged wealth can put a damper on the future. It is important to prioritize balancing wealth and other goals in retirement.

According to financial experts, balancing the savings that a retiree has is essential to meeting those goals. This balancing can be done through intense budgeting, careful saving, and creating a strategy for retirement as that season of life draws near.

Below, Louie Valdez of Thousand Oaks examines the best ways to balance one’s income, as well as how to take one’s wealth and funnel it toward future plans for relaxation in retirement, including traveling.

Louie Valdez Explains How to Manage Retirement Wealth

Managing one’s wealth in order to retire, with enough for future plans set aside, is an overwhelming goal. However, with the proper plan in place, it can become less overwhelming, and even encouraging.

Intensify Budgeting

Louis Valdez of Westlake Village says that it may not sound like fun, per se, but budget planning is crucial to getting finances under control. With the right budget, money can work for the retiree, instead of being a constant source of stress.

To budget, it is essential to know how much money is coming in and write down all essential spending needs. In fact, factoring in how likely a retiree is to spend any money on non-essentials, from eating out to treating oneself to new clothing, is the best way to accomplish this goal.

Then, Louis Valdez of Thousand Oaks explains that once all money and spending is accounted for, sacrifices should be made. Cutting out luxury meals or extra-curricular activities, or even trips that cost additional gas money, should not only be considered, but pursued. Remember, small sacrifices over time can relieve the need to make big sacrifices to the budget as retirement approaches.

Save Toward Retirement and Travel

Investing is the best way to continue to make money after retirement, and that money can then go toward travel and any post-retirement goals. A common, and proven-effective, method is to live off of only seventy percent of one’s pay, investing the rest of the money in lucrative opportunities.

Louie Valdez of Thousand Oaks notes that, if 70% is too much to ask, a future retiree can set aside any amount of money, including as little as 10%. Afterward, budgeting for travel with what is left of income is the next step.

Consider time constraints on certain travel goals, or how likely expenses are to go up on the time of departure. Set aside enough money out of the rest of one’s income over time to avoid the chances that the money will be unavailable later on.

Create a Foundational Retirement Strategy

Saving money for investment while in retirement is certainly important; that being said, the plan for those savings must start in one’s workplace before retirement.

Louis Valdez of Westlake Village says that this is because several employers actually have retirement plans that allow the worker to deduct from their payroll specifically for their retirement. That actually saves the worker the step of setting aside their money; it also aids in budgeting.

The money that comes in on a paycheck automatically deducts an amount for retirement and puts it temporarily out of reach. This saves time on budgeting until retirement when the money becomes available.

Louie Valdez of Thousand Oaks says that when a retirement strategy is in place, the likelihood that the money is going to be mishandled or unaccounted for in budgeting practices lessens and leaves the potential retiree with more confidence in their future altogether.

Seek Professional Aid in Financing

Finally, although it may seem like a strange means to an end when it requires a little spending on the part of the retiree, getting a financial advisor is certainly a worthy investment. A retirement planner or a financial advisor each have the expertise to deal with situations that are unique to an individual.

Louie Valdez of Westlake Village explains that this can include workplace coverage, specific tax deductions, and of course, simple budgeting for the future. A professional has access to the most recent changes in law and can devote all of their resources to creating a personalized plan.

In Conclusion

Balancing wealth management and travel goals begins before retirement. Setting aside a percentage of one’s paycheck for future investments, and another portion for one’s plans, is an important step in securing the future. However, so is budgeting so that every bit of income is accounted for. With these steps in place, a happy retirement is on the horizon!