Retirement planning involves working with you on the following:
- Setting your retirement goals – At what age would you like to retire? And what is your vision for your retirement? Would you like to travel? If so, how often? Will you downsize and reduce your expenses or would you like to continue your current lifestyle? These questions will all be discussed. (See our blog post on this topic to learn more).
- How much do I need to put away each month? – The factors that are considered when making this complex calculation are:
Projected return on your investments- Percentage of your investments that are in tax-deferred accounts
- Possible future sale of your home
- Expected number of years remaining in your working life
- Projected Social Security income
- Your life expectancy after you retire
- Deciding what type of accounts to use for retirement savings – An analysis will be done of all current retirement accounts, including both individual retirement accounts and company sponsored plans. And are you getting the most out of your employer 401(k) match? We’ll review the details of your company’s plan to be sure you are using a contribution strategy that maximizes this benefit.
- Investing wisely – Safety of capital, current income and capital appreciatiion are factors that influence a person’s investment decisions. A 75-year old widow living off her retirement savings is much more interested in preserving her capital than a 35-year old business executive who may have 25 to 30 years before retiring. This is why a customized portfolio is designed for each of our clients based on their unique situation.
- How long will my savings last after I retire? – As you enter retirement, it becomes important to have a realistic understanding of what your annual expenses need to be to that you can enjoy your retirement without fully depleting your resources. These complex calculations will be performed and monitored annually so that you’ll always know exactly where you stand.