01Developing strategies exclusively to your goals
02Review of your current savings and investment strategy
03«WHAT IF?» Scenario Planning
04Minimizing the tax impact of 401(k) and IRA distributions
05Projecting cash flows and discovering income streams in retirement
06Optimizing payout options for a pension or other deferred compensation
07Forming tax-efficient withdrawal and social security strategies
08Exploring retirement savings options after maxing out your 401(k) or 403(b)
09Analyzing Roth IRA conversions
10Planning for Bequests
11Diversifying your savings for tax advantages
12Managing your investments during retirement
13Planning for medical expenses
14Accounting for Medicare and Long-Term Care Insurance
What is retirement planning?
As one of the key components of the financial planning process, retirement planning focuses on how your assets can generate income to cover expenses you incur after your paychecks stop.
How much money do you need to retire?
There is no universal number. You’ll hear that you should aim to have a nest egg of $1 million to $1.5 million, or that your savings should amount to 10 to 12 times your current income. However, that’s a one-size-fits-all answer that doesn’t reflect at all on your current or planned lifestyle. The best way to gauge how much you’ll need is to develop a retirement projection with the help of a financial advisor. Your retirement projection will help to guide how much you set aside today, and where you invest to continue to generate income after retirement. However, if you want to start with a quick rule of thumb, many find they need to replace 60-80% of their pre-retirement salary.
Why is it important to use a financial advisor to plan for retirement?
Simply put, expertise and objectivity. Success requires not only experience with and an understanding of trends, markets, and investments, but an unbiased view of your current situation and your future goals. A financial advisor gets an accurate picture of your income and expenses, assets and liabilities, and then uses this information to help you determine your retirement budget based on your personal plan.