Retirement Planning
The amount you will need in retirement depends upon a number of variables, including the age you plan to retire, your desired retirement lifestyle, how long you expect to live and the rate of return that you expect to earn on your investments. Social Security and employer-sponsored pension plans will likely provide a smaller percentage of your retirement income than they provided for your parents retirement income.
One of more of the following strategies could help you to maximize your retirement income.
- Retiring at a later age
- Saving more before retirement
- Spending less during retirement
- Investing to earn a potentially higher rate of return on investments while still feeling comfortable with the level of risk involved.
Planning Years
In the Planning Years you will be making decisions on when to start saving for retirement, how much to start saving and what financial vehicle is most appropriate for you. Weighing the priorities of whether you are buying a house, car, education needs for children. All of these factors will determine how much and at what point you can begin setting aside funds for retirement.
Transition Years
In the Transition Years you will be making decisions regarding rolling over retirement plans into more tax-friendly options. You will be making decisions on how much money you will need to live the lifestyle of your choice. When to start receiving social security, pension payments and deferred plans. Maybe you’re thinking about downsizing your home, making a move to another part of the country or doing some consulting work. We can help you plan for the changes that you will be making.
Retirement Years
In the Retirement Years we will be doing more monitoring of cash flow needs, investment performance and income. Managing the investments you have versus life span to ensure that you make your money last. We will review any changes that have occurred since you took retirement. Have you moved? Do you have new hobbies? Have you been doing some traveling? Have there been any injuries or illnesses? We can adjust the investment plan to accommodate any of these changes.
