The Changing Concept of Retirement

The following information is brought to you by Quay Financial Group, Inc. 

Everyone’s situation is unique and must be analyzed and evaluated to map the best direction for you. Our mission is to make your goals and dreams a reality. From analyzing the current risk of your investments and managing assets, to determining cash flow needs in retirement and optimizing Social Security, we strive to tailor a plan that fits you, your family, and your goals. Welcome to Quay Financial Group, Inc.

Today the concept of retirement has taken on a new meaning. The cost of living has become very expensive and those who would like to enjoy their mature years are finding that it is becoming less and less financially feasible. In order to realize their dreams, retirees are finding that simply living off of social security and a savings account is not enough.

At Quay Financial Group, Inc. we believe in the welfare of our clients by creating a strategy to pursue personal wealth for now and through retirement. With services including planning for retirement and life events, saving for college, and advising on tax reduction strategies, we can help create a comprehensive and individual approach to your financial plan in order to help you stay on track with your personal financial goals. By serving our clients under a Fiduciary standard, clients’ interests must come first.

The Changing Concept of Retirement

To reach any sort of comfortable retirement income, people today will need quite a bit more than what social security can provide. Although social security should be a part of your retirement planning, for purposes of this article, we want to point out that social security will most often not help satisfy someone’s retirement income needs.


Some people have saved their entire lives with the intent of being able to enjoy the golden years, but when putting together a plan for living comfortably from these savings, they now have to take into consideration many factors, including:

  • The impact of inflation.
  • How much you can afford to take out of your retirement plan each year.
  • What required minimum distributions, if any, do you need to take from your retirement plan.
  • What financial benefits you may have if you delay your retirement.
  • What mortgages, large debts and bills you may have outstanding.
  • The total amount of wealth you have collected and saved for retirement.
  • Your health and long-term care costs during retirement.

These are just a few of the complex issues that retirees need to consider. A good strategy for approaching and preparing for retirement is through a well-executed, long-term plan. Those who are in their 50s and 60s without large retirement accounts may not have the time to receive the full benefits from compounding the returns on their investments. Your retirement savings can still have the opportunity to grow by the time you need to access your funds. The tax law provides a few provisions for individuals over 50 that are continuing or even starting to save for their retirement. If you are 50 or older you can put up to $6,500 ($1,000 more than younger savers) in your regular IRA or Roth IRA. If you are over 50 years old you can also add an extra $6,000 to a 401(k) plan (compared to your younger co-workers). IRAs and 401(k) plans provide for tax-deferred growth, while Roth IRAs can offer tax-free growth. These options are always attractive for those still working and over age 50, but there are many restrictions and guidelines on who can participate and to what extent. This is an area where we can help. For clients who are interested in learning how to maximize their retirement savings, we welcome the opportunity to discuss their specific situation and plans.

Be sure to keep an eye out for our next article that will include more detail about the phases of retirement and strategies to help you tackle them.

For more information about helping you plan and save for your goals, we would like to offer you a complimentary Financial Checkup. To schedule your appointment, please contact us at 770 924 5440.

Please visit the articles about Stage 11 and 111 of retirement.


The Quay Financial Group.

1005 Weatherstone Pkwy Ste. 210 Woodstock, Ga 30188 | Office: (770) 924-5440 |

“Michelle Quay” is an Investment Adviser Representative of, and offers Securities and Investment Advisory Services through Woodbury Financial Services, Inc. (WFS), member FINRA/SIPC. WFS is separately owned and other entities and/or marketing names, products or services referenced here are independent of WFS.

This article is for informational purposes only. This information is not intended to be a substitute for specific individualized tax, legal or investment planning advice as individual situations will vary. For specific advice about your situation, please consult with a lawyer or financial professional. A Roth IRA distribution is qualified if you’ve had the account for at least five years and/or the distribution is made after you’ve reached age 59 ½. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Please note that rebalancing investments may cause investors to incur transaction costs and, when rebalancing a non-retirement account, taxable events will be created that may increase your tax liability. This article provided by MDP, Inc. © 2017 APFA, Inc.