Retirement Planning

At no other time does the question “Will I have enough?” come up more than when planning retirement. After all, you are about to leave work and the paychecks behind, knowing volatility, inflation and taxes will continue. Therefore, before retiring, you want to revisit your plan to be sure you’re in good shape. After all, no one wants to go out with a big retirement party and send off, only to return. This means, we want the peace of mind that comes with a financial plan that reflects a sustainable path with assets lasting through the end of life.

In Retirement Planning:

  1. Evaluate whether your assets will likely be sufficient to fund your retirement expenses. This includes knowing which assets to tap into and when in retirement.
  2. Determine an effective withdrawal strategy. In other words, figure out how much you can afford to take out of your portfolio each year of your retirement without running out of money.
  3. Understand Social Security and your most optimized strategy. From when to claim to how much to expect, this should be a household decision based on a variety of financial and other factors.
  4. Recognize the impact of increased longevity on your resources. After all, people are living a decade longer than they did in the 1960s.
  5. Consider whether you will work in retirement, via part-time or second career. This can be a great idea.
  6. Understand the tax impact of different retirement plans and ways of saving. Then, you can make contributions that will result in lower cumulative taxes paid over your lifetime.

Plenteous Financial Wellness Wheel

Plenteous Financial Wellness Wheel

Understand what the wheel is all about and explore the spokes to identify the planning gaps you need to fill.