RETIREMENT PLANNING

Identify Your Goals

The first step in developing a savings strategy that best meets your retirement needs is determining your objectives. How do you envision your “golden years?” Spend some time thinking about what is really important to you.

Allow yourself to dream about what you want your future to look like. Thinking about it early puts time on your side. At what age do you want to retire? Where do you see yourself living? Do you enjoy travel? Would you like to continue to work at least part-time? Are you imagining yourself playing golf every day? These questions and others will help you shape a vision for your retirement.

Once you have a sense of your objectives, it’s time to estimate your financial needs. A good rule of thumb is that a person’s living expenses in retirement will be roughly 30% less than his or her current expenses. While some costs may increase, such as health care and leisure activities, others most likely may decrease. For example, retirees tend to spend less on mortgages and education.

Know Your Resources

The second step in planning is determining where your retirement money will come from. Most people draw on three main sources in income during retirement – Social Security, employer-sponsored plans, and personal retirement savings. Each offers important resources that will add to your overall retirement plan. You have a great deal of control as to how much money you can accumulate. The choices you make today will invariably influence your financial security in your later years.

Make a Plan

Now that you’ve thought about your retirement objectives and your potential sources of income, the last step is developing a plan that works for you. To achieve financial independence you must stick to your plan and monitor it regularly.

Financial Consultation

If you’re not sure where to start or where you stand, call us for a free consultation. Our strategies are conservative, our methods prudent.