Retirement Planning Guide

What must I know to plan for the future or even meet with a retirement planner?

  • What is my total net worth?
  • What am I spending each year?
  • What are my sources of income?
  • What kind and how much life insurance do I have?
  • What expenditure changes do I plan after retiring?
  • Is my estate planning up to date
  • Are my will and health care issue documents current?
  • Have I named the proper beneficiaries for insurance and retirement accounts, etc.?
  • Does my family have access to where all documentation is located?
  • Does my family know my wishes if I am unable to act or die?
People around the world are living longer. This means there is an increased likelihood they will outlive their retirement savings. Retirement planning and income consists of:
  1. Investments
  2. Social Security 
  3. Pension  
  4. Profit-sharing 
  5. Income from work after “retirement” 
  6. Tapping home equity
Areas to consider
  • Monthly expenses like rent, mortgage payments, food, clothing, insurance etc.
  • Special expenses like vacations and one time purchases, etc.
  • The inflation rate
  • Taxes owed
  • Give special consideration to Financial planning
  • Asset protection
  • Reducing expenditure/modifying lifestyle
  • Living Longer
Current mortality tables show that an average healthy American male at age 65 today can expect to reach approximately age 85 - but that same individual also has a 50% chance of living beyond age 85 and 25% chance of living beyond age 92. As a result, people who plan to cover their economic needs to their "life expectancy" - in this case, age 85 - still face a 50% chance of failure. The Wharton study explains that only lifetime income annuities can mitigate the financial risk of living too long by relieving consumers of the need to set aside the far greater sums they would otherwise need to allocate to other asset classes to ensure they would not outlive their retirement savings.