Retirement Planning

Which retirement stage fits your life?

Just starting out

• How can you maximize your tax deferred investment options?
• How much will you need to retire?
• How much do you need to save now?
• How should you allocate your savings?
• How do you assess your personal tolerance for market volatility?
• How much insurance protection should you have?
• Is your investment portfolio appropriate given your near and long-term goals?

Almost there

• When should you roll-over your 401(k) into an IRA?
• Are you maximizing your contributions in tax deferred accounts?
• When should you consider Long-Term Care insurance?
• Will you have enough when you retire?
• Should your investment portfolio be adjusted to more moderate-conservative risk?
• Do you need a more detailed estate plan?
• What type of debt should be paid off?
• Do you know if your elderly parents need additional eldercare planning?
• When should you take your social security?

Enjoying retirement

• How do you generate cash flow?
• How should your retirement investments change?
• How do you prepare for tax and probate avoidance?
• How can you implement charitable planning and giving?
• How do you conduct eldercare planning?
• Should you supplement Medicare coverage?
• What are required minimum distributions?
• Should you consider using your property value as an income source?
• How often do you update your estate planning analysis?
• How can you establish a financial legacy for your heirs?

Retirement Planning is not a one time event, but an ongoing process. Life events may sometimes surprise you, so it's important to stay flexible while remaining focused on your long-term goals, such as saving for the future and enjoying a comfortable retirement.

While some planners suggest that retirees may need 75% to 85% of their pre-retirement income, you may actually need as much income as you have now. In fact, almost half of current retirees have found this to be the case, often due to higher health care costs or increased travel and leisure spending.

How much will you need? Ask yourself this question. Consider the lifestyle you want, how long you might live and your potential expenses while retired.

While this may seem daunting, you can reach your retirement goals with hard work, smart planning and a disciplined approach to saving and investing. The keys to enjoying a comfortable retirement are actively saving during your working years, maximizing the use of tax-deferred accounts, choosing an asset allocation strategy that is in line with your long-term goals and personal risk tolerance, and formulating a plan based on realistic assumptions.

Keep in mind that your investment goals and risk tolerance will likely change over time. You should revisit your asset allocation decisions as your circumstances change. For example, even if you are an aggressive investor by nature, you may want to move to a more moderate portfolio mix as you get closer to retirement and capital preservation becomes more important.

Wherever your retirement plans may take you, planning is essential to reaching your destination. Whether you are just beginning to save or nearing retirement, it's important to review your goals regularly to make sure your plans are on track.