RETIREMENT PLANNING
“How do I know if I have saved enough to retire?”
“Will my savings last if my spouse or I live a long time?”
Traditionally, retirement planning was a three-legged stool. Most workers could rely on a defined benefit pension, their social security income and their own personal savings. Of those, their pension and social security could be counted on to arrive every month like the sun rising every morning and you could not outlive them.
Today, most Americans who are currently saving towards retirement do not have a pension, or if they do it has been converted to a cash balance plan with a defined contribution by their employer rather than a defined benefit. Social Security also has some concerns which may cause a reduction in benefits if Congress is unable to enact changes to the program. In addition to that, people are living much longer and therefore need to plan for a longer retirement.
This has led to a need for individuals to save considerably more to be able to retire than in previous generations which is now accompanied by the fear that it might not be enough.
There are many strategies that could be appropriate depending on your particular circumstances to successfully accumulate sufficient assets as well as distribute those funds in retirement.
Check out your current progress at the link below and then contact us to get a more detailed assessment.
