Retirement planning involves a two phase process to help individuals meet their retirement needs, as well as to provide additional funds for those expenses or trips you deferred while still working. The two phases include Pre-Retirement and Retirement.
Pre-Retirement Planning - In the years directly preceding your retirement, we must plan effectively to determine if your current asset/savings base is sufficient to cover your projected lifestyle, in which you’re likely to need about 75% of your working income. In this phase, we will accomplish the following:
- Review and eliminate outstanding credit/debts, especially as more and more individuals retire with a mortgage
- Establish realistic goals for retirement
- Determine if any additional savings strategies need to be in place to better position you for retirement
- If applicable, determine a succession plan for your business
- One year before you retire, we will create a retirement budget, review all Social Security options, and perform a final analysis of assets/savings to determine how to replace your earned income to fit your budget
Retirement Planning - Once you retire, we will continue to work together to Assess how efficiently your are meeting your retirement goals, Allocate your assets to provide income and preserve wealth, and Adjust the plan if needed to provide for living expenses, your dream beach house, that much needed vacation, or traveling to all parts of the country to visit your grandchildren.