Common Retirement Planning Questions
Get clear, straightforward answers from Nathan Medina, a Certified Financial Planner (CFP) serving San Diego. This guide addresses the questions we hear most often from individuals and families planning for retirement.
How much do I need to save for retirement in San Diego?
This depends on your desired lifestyle, current age, and health. A common rule of thumb is to aim for 70-80% of your pre-retirement income. However, San Diego's cost of living is a significant factor. As your local CFP, I analyze your specific situation—including housing, healthcare, and taxes—to build a personalized savings target and strategy.
What's the difference between a financial advisor and a CFP?
"Financial advisor" is a broad term. A Certified Financial Planner (CFP®) has met rigorous education, examination, experience, and ethical requirements. I am held to a fiduciary standard, meaning I am legally obligated to act in your best interest. This provides an extra layer of trust and assurance for your retirement planning.
When should I start taking Social Security benefits?
The optimal time varies based on your health, marital status, other income sources, and overall financial plan. Taking benefits early (age 62) results in permanently reduced payments, while delaying until age 70 maximizes your monthly benefit. We'll model different scenarios to find the strategy that best supports your long-term retirement income needs.
Are there local San Diego factors that affect retirement planning?
Absolutely. California state income tax, property taxes, and local healthcare costs are key considerations. Understanding the local real estate market is also crucial, whether you plan to age in place or downsize. My practice is dedicated to San Diego, so I provide advice grounded in the realities of our community.
How do you manage investment risk as I near retirement?
We implement a gradual, strategic shift toward a more conservative asset allocation to help protect your nest egg from market volatility. This doesn't mean abandoning growth entirely—your portfolio needs to outpace inflation over a retirement that could last 30 years. The focus becomes capital preservation and reliable income generation.
Do I need estate planning as part of my retirement plan?
Yes. A comprehensive retirement plan includes ensuring your assets are distributed according to your wishes and that your healthcare directives are clear. While I am not an attorney, I coordinate with your legal team to ensure your financial strategy aligns with your will, trusts, and powers of attorney, providing peace of mind for you and your family.
Your Retirement is Personal
These answers provide a general foundation. Your specific situation deserves a tailored conversation. Let's discuss your unique goals, concerns, and the retirement you envision.
Nathan Medina | CFP® | LPL Financial Advisor | Serving San Diego