What is Retirement Planning?

Retirement planning is all about planning for the future. Planning for retirement is the most common reason people call a financial planner. What people come to realize is that they will still need a “paycheck” in retirement and they are not sure where it is going to come from. In reality, we pay ourselves. And the funds can come from a number of sources: Social Security, distributions from retirement accounts, pensions (for those who still get such things) income from rental property, savings, etc. Social Security can be somewhat bewildering as there are many options for how and when to begin taking it. Figuring out all your sources of income is essential to a thorough financial plan.

Once you’ve determined all your sources of income, the question then turns to, “Do I have enough to live on for the rest of my life?”

Unfortunately there is not a ‘yes or no’ answer to this question. Think of all the factors to consider as we plan for the future: inflation, healthcare costs, investment returns, home appreciation, need for long term care, home care. The list grows rather quickly as you can see.

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Managing a Retirement Plan

Managing investments is an important part of retirement planning. However, it can be complicated and confusing.

For example, what happens to your 401K when you retire? Do you roll it into an IRA? When should you start to draw money from it? When do you have to take required minimum distributions? Is your money invested properly now that you’re about to retire?

All these questions are answered in a comprehensive retirement plan.

Key components of our retirement plans include: determining a sustainable spending amount, income planning, including Social Security maximization strategies, investment analysis and recommendations, the impact of long term care expenses on your portfolio, tax planning, estate and insurance planning. All these components make up the roadmap, or “recipe” for your financial future.

The complexity of these decisions and how they can play out over the potential thirty years of retirement can have a significant effect on your circumstances. Our retirement planning services can help you to make the best possible financial decisions for this new phase of your life.

Contact us for a complimentary session about your retirement plan and your future.

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