Planning Is the Key To An Enjoyable Retirement
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etirement income planning has taken on more importance as Americans enjoy longer, healthier lives. You can expect to be retired for many more years than your parents or grandparents, up to three decades or longer. But that happy circumstance comes with a price: It’s more difficult to make your assets stretch to cover the longer period of time. You’re more likely to outlive your money.
The key is effective planning. Preparing for retirement is the same as preparing to achieve any goal: It requires a long-term outlook, knowledge, disciplined action, and a clear idea of your goals and time horizon. Our process includes:
- Understanding your current financial situation. We will review your Individual Retirement Accounts, your 401(k) Plan, all of your other investments, your savings and other assets, your estimated Social Security benefits, any pension benefits, your debt picture, your tax picture, and all other relevant information.
- Determining your desires for the future. To determine how much income you’ll need after you retire, you need to develop a clear picture of your anticipated lifestyle. Will you help pay for your grandchildren’s education? Do you want to live in a big house or a small condo? Live on the beach or in the mountains? Do you plan to travel? Buy art? Play golf?
- Estimating expenses. We can help you understand your likely costs for health care, housing and other expenses, and factor that into your retirement income needs.
- Setting the course. We will help you figure out the best retirement plan to take you from where you are to where you want to be, taking into account inflation, your likely lifespan and others factors.
- Staying the course. It’s important to review your progress regularly with your financial advisor to make sure you stay on track and make adjustments to account for changes in your lifestyle or in the wider economy or financial markets.