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Retirement Planning

Your Future

Just as the 76 million Baby Boomers once transformed American culture, so too are they redefining retirement. No longer is retirement a time to sit back and wait for the rest of your life to unfold.

Instead, today’s retirees have busy, active lifestyles with the freedom to chase new opportunities, revive old passions and realize long-held dreams.

The changes in retirement have intensified the issues future retirees face.

Here are the six basic challenges that could affect your retirement income security:

1. Timing/Withdrawal Rate

Choosing the wrong time to begin withdrawing income during retirement can have a dramatic impact on your future retirement income security, as can withdrawing too much money too soon.

2. Longevity

With Boomers living longer, healthier lives, retirement could conceivably last for 30 years or more. In that case, there is every possibility that retirees – or their spouses – could outlive their income.

3. Inflation and Taxes

Inflation constantly erodes purchasing power through increased costs, while taxes reduce the potential of investable earnings.

4. Asset Allocation

Careful consideration of asset allocation can help reduce the volatility (or degree of fluctuation) of the overall portfolio and help to optimize investors’ balance of risk and return.

5. Health Care Expenses

The statistics as to the rise in these costs and how many people incur them are staggering. However, the real problem with this expense is that no one is certain if, when, or how much may be needed. Thus, it is very difficult to plan for with any accuracy.

Based on experience with our clients, we have developed a finely-tuned process that will lead you through the six stages of retirement income planning. We follow the stages to develop your personal plan which can help guide you toward your retirement income goals in the future.

This information is for use with the general public and is designed for informational or educational purposes only. It is not intended as investment advice and is not a recommendation for your retirement savings.

6. Social Security

If you're nearing retirement, you'll likely be faced with a decision: Should you start taking Social Security at the earliest age possible, 62, wait until you reach your full retirement age (65 to 67, depending on the year you were born), or hold out until age 70 to get the most benefits?

There is really no one-size-fits-all answer to this question. Determining the best age to take Social Security ultimately depends on your income needs, life expectancy, and your ability and desire to continuing working. It also hinges on your overall health, the amount you have accumulated in retirement savings and your family's financial picture.

We can help you analyze your situation and decide which option will be the best choice for you.