Financial expert Don Dirren discusses his top five tips for retirement.

PHOENIX, AZ / Don Dirren has been a financial advisor in Arizona for more than 30 years. He has been named a top Safe Money Specialist with Bergen Financial Group and has expertise in retirement planning. Dirren recently offered his top five tips for retirement planning.

“My first tip in retirement planning begins in the investment stages,” Don Dirren said. “You must diversify your investments to experience optimal growth.”

Don Dirren explained that many individuals feel inclined to steer away from stocks, as they can feel risky, but they can be an essential part of retirement preparation. He suggested investing in a mixture of bonds, stocks, mutual funds, and assets. Keeping a well-balanced portfolio can prepare you for the ups and downs that can occur with any one sector.

“Investing can be intimidating, but a qualified financial advisor can help,” Don Dirren explained. “Preparing for retirement is not something you’ll ever have to do on your own.”

Mr Dirren explained that his second tip is to meet with a qualified financial advisor. It helps to have a financial advisor with a specialization in retirement planning, as he or she is likely an expert on acquiring the most social security benefits, preparing for future risks, and more.

“My third major piece of advice is to consider life changes that may happen in the future, including possible medical costs,” Dirren said. “You may want to consider some kind of supplemental coverage in addition to Medicare, as the chance of health issues rises as you age.”

Dirren explained that having a supplemental health insurance plan could protect you against using your entire nest egg on a single health issue. He suggested separate healthcare savings accounts for those who aren’t interested in additional health insurance plans.

“Take the time to estimate your retirement income,” Dirren suggested. “This can easily be done with the Social Security Administration’s Retirement Estimator.”

Dirren recommended visiting the Social Security Administration website and using the retirement estimator. This can give you a rough estimate of your retirement income before you meet with your financial advisor. That advisor can then help you reach your maximum income potential.

Understanding your estimated income can help you start preparing for retirement at an earlier age than you may expect. This leads to Don Dirren’s fifth tip for retirement.

“The goal is to start planning for retirement as early as possible,” Dirren concluded. “I suggest individuals and families begin planning for retirement in their 30s. The earlier you begin, the more comfortable your retirement will likely be.”