Retirement Planning Tips for 2023

Retirement planning can be overwhelming enough in normal market conditions, but in 2023 we are coming out of an unprecedented global pandemic, an ongoing war in Europe, high inflation numbers all over the world, and recent shutdowns of midsize banks in the United States.

Most Americans don’t know where to start with their retirement planning and how the current market conditions impact their saving strategies. It’s not only important to have a clearly defined retirement plan, but also to adapt and adjust as times change.

That’s where we come in – at ARQ Wealth, we are your trusted retirement planning services provider based in Scottsdale, AZ and we help clients all over the US get their retirement planning back on track and ensure they do everything they can to work towards the financial and retirement goals that they deserve.

With how quickly the economic landscape changes here, we find it’s important to routinely give an overview of the best and most effective tips that are relevant in 2023, so we’ve put together a quick list of tips and explanations to help you set yourself up for success.

If you have any questions at all or would like to sit down with one of our retirement planning specialists, you can visit our website here or give us a call at (480) 214-9572.

Tip 1 – Analyze How Increased Interest Rates Impact Your Portfolio

We recommend reviewing the diversification of your investments to see the breakdown of where you are investing/keeping most of your savings as a first step. Instead of sticking with the same investment plans, it is important to understand the changing financial landscape in 2023 to decide what makes the most sense for your future investments. With the large changes to the interest rates that have occurred due to the Federal Reserve trying to quell the inflation issue in the United States, going with the same type of investments you’ve been choosing for the last decade or so may not be the best course of action.

One example would be ever since the recovery from the Great Recession around 2009, the Federal Reserve has kept interest rates at almost 0% to restimulate the economy and this has led to most bonds offering extremely low return rates. With the large increase in interest rates, if it makes sense for one’s risk tolerance, bonds may offer sufficient dividend payments for what you and your family are looking for now (as they may have offered a fraction of that in the past).

We understand that you are a busy professional that may not have all the time to go over current bond yields, market updates, and other trending financial news and that’s where we come in to give you the peace of mind that you are looking for. We leverage our team of experts to help provide you with a unique retirement plan that works for you and your family to work towards all of your goals! Reach out to ARQ Wealth today to get your no-cost no-obligation financial planning session.

Tip 2 – Understand the Changes to the Real Estate, New and Used Car Market, and Other Purchases that Require Financing

We have become accustomed to extremely low-interest rates across the board, and buyers of real estate, cars, etc. could be in for a rude awakening if they do not budget accordingly and plan for the increased interest rates.

Although the underlying price of a home may have gone down over the last year after the large surge we saw after the pandemic, mortgage payments for a new home may end up being much more than expected due to the large increase in interest rates. Be sure that you budget effectively and have an idea of exactly how much you’d be able to afford in monthly car payments, mortgage payments, and other items you need to purchase that would require financing.

Tip 3 – Review and Update Your Monthly and Yearly Budget to Account for Updated Prices

Due to the increases in inflation in the United States, we’ve seen increases in most consumer goods and have noticed that clients that we are working with have not updated their budgets accordingly and this has caused confusion and headaches when they outspend their usual monthly expenses.

We recommend going through your budgeting process again and accounting for the changes to most consumer goods and other items that have drastically increased in price so that there are no surprises at the end of the month or year. This will help you and your family continue to save the expected amount to work towards your retirement goals.

Tip 4 – Work with a Professional

Don’t leave your retirement planning up to chance, give us a call or visit our website here to get started today. We have decades of experience helping clients from all over the United States. Unlike some of the larger retirement planners, we take the time to sit down with you and to fully understand your unique situation so that we can create a customized retirement plan just for you and your family.

We let you get back to doing what you love so that you don’t have to navigate the complexities of the various aspects of retirement and financial planning.

All of the economic changes occurring in 2023 can be challenging, but we’re here to help. Give us a call at (480) 214-9572 now to get started!  

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The opinions expressed in this blog post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual. It is only intended to provide education about the financial industry. As always, please remember that investing involves risk of loss of principal and capital. ARQ Wealth Advisors, LLC is a registered investment adviser with the U.S. Securities and Exchange Commission. Advisory services are only offered to clients or prospective clients where ARQ Wealth Advisors, LLC and its representatives are properly licensed or exempt from licensure. No advice may be rendered by ARQ Wealth Advisors, LLC unless a client service agreement is in place. Likes and dislikes are not considered an endorsement for our firm.