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4 Common Retirement Fears & How We Can Help You Avoid Them

You can be as prepared as you want for your retirement, but there are some things that you can’t help but worry about as the day approaches. It’s only natural to be wary of unfamiliar territory, but you don’t have to journey alone. Maggi Tax is here to help alleviate your retirement fears by addressing some of the most common concerns. If you need help, reach out to our advisors for retirement planning near you!


  1. Running Out of Retirement Funds

    Even if you started saving for retirement as soon as you possibly could, it’s easy to think that it might still not be enough to carry you through the remainder of your senior years. There are so many factors to consider, and any of them can change at any given moment. How can you expect to enjoy your hard-earned retirement when you’re constantly worried about your funds running low? It’s a valid concern and one that can be alleviated with help from a financial advisor.


    You’re more likely to feel comfortable the more money you have, but that means putting in more effort than predetermined contributions to your 401(k). A financial advisor will be able to show you more ways that you can save for retirement, maximizing your gains for a boost in your available funds.


    A good way to start is to check out our top end-of-the-year retirement tips for Florida retirees before reaching out to us to schedule a consultation.


  3. Changes With Rising Inflation

    When you make minimum contributions to your 401(k), you’re only accounting for the cost of living during the present day. As you may have already experienced, inflation can hit at any time and by any percentage. This unfortunate event can be enough to blow through your savings much sooner than you anticipated, leaving you high and dry.


    How can you combat inflation during retirement? We know a couple of effective ways. The first is simple: Increase your contribution amount so that your savings will create a larger snowball over time to account for inflated expenses. Another step you can take is to make the right investments that directly pertain to your cost of living during retirement. This part can be tricky, but our financial advisors can help!


  5. No Longer Having Social Security

    Aside from a retirement savings account like a 401(k) or IRA, another source of funding that many seniors rely on is Social Security. But what happens if this program comes to an end during your era or the amount that is distributed decreases? Social Security has been around since the ‘30s, so there’s a slim chance that it will disappear anytime soon (or at all). But even with that reassurance, it’s still not the best idea to rely solely on this program to cover your expenses. However, that’s not to say you shouldn’t make the most of it.


    Learn more > 4 Tips to Maximize Your Social Security and Pension Benefits In Early Retirement


  7. The Cost of Long-Term Living Expenses

    Some people don’t account for the full cost of living when planning their retirement. Your funds will be used for more than just food and property, and it’s best to figure that out now while you can still plan for those additional expenses. One of the most underrated costs is that of long-term care. At a certain point, you may need to hire a full-time caregiver to help you around the house and perform your daily routine, and the price for that can be pretty steep. If you don’t want to overlook any possible expenses, hire a retirement planner to assist you.


Plan For Your Retirement With Maggi Tax!


Aiming for a comfortable retirement? Call Maggi Tax today at (727) 799-1701 to schedule a consultation and receive professional retirement planning services near you!


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Palm Harbor, FL 34685

(727) 799-1701


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Lutz, FL 33548

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St. Petersburg, FL 33713

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