Retirement Planning
It may surprise you to know that retirement planning is a relatively young discipline. Consider this: in 1930, only one in 10 workers were covered by a pension program and Social Security did not exist. For Americans who lived in the early 20th century, retirement meant moving from fieldwork to household chores. In the middle of the 20th century, retirement was thought of s a short and sedentary experience. Today’s and tomorrow’s retirement is thought of as a vibrant and significant time of life, which may last 30 years longer. Gone are the days of the frail senior sitting in a rocking chair.
Despite its short history, retirement planning has become one of the most crucial aspects of a comprehensive financial plan.
Retirement planning is the process of determining retirement income goals and the actions necessary to pursue those goals. You must first identifying sources of income, estimating expenses and life expectancy. From there you develop and implementing a savings, investment and spending program.
The emphasis one puts on retirement planning changes throughout different life stages. Early in a person's working life, retirement planning is about setting aside enough money for retirement. During the middle of an individual's career, it might also include setting specific income or asset targets and taking the steps to achieve them. In the few years leading up to retirement, financial assets are more or less determined, and so the emphasis changes to expenses, debts and desired lifestyle in retirement.
The first step in the retirement planning process is developing a retirement analysis to determine what recommendations need to be made to get you to your goals. During this step we will gather all the needed information that will make up your plan. Click here to complete the questionnaire that will start this process. Click here to setup an appointment with one of our Financial Advisors.
Click here to see the full six steps to building your retirement plan.
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