Retirement Planning

What is the Goal of Retirement Planning?

The primary goal of retirement planning is to map out a strategy to help you build a life in retirement that is consistent with your vision and values. Retirement planning includes income and asset objectives as well as non-financial aspects such as your ideal lifestyle and activities.

Retirement planning involves the process of determining your future lifestyle and income needs and then mapping out the financial strategies that will be necessary for your objectives. A large part of retirement planning includes the estimation of what your expenses will be when you reach retirement as well as identifying the various sources of income you will have at that time. Then, based on the time until retirement as well as your specific risk tolerance, savings programs and asset management strategies are implemented in order to successfully move you toward your goal.

Retirement planning helps identify what you need to do financially in the various stages of life and how you should be saving and investing, based on your age and risk tolerance. For example, younger investors are encouraged to start setting some money aside for the future, while those in middle age begin to set more specific targets as they move closer to retirement time.

What is Involved In Retirement Planning?

Typically, retirement planning involves investing funds in a retirement account (or several retirement accounts) for the purpose of saving for your future. Several different types of financial accounts have been specifically designed – often with tax advantages – for retirement savings.

Many employers offer retirement savings accounts, also known as defined contribution plans, for their employees. A 401(k) plan, for example, allows individuals to invest pre-tax dollars in an account that is intended to grow, tax-deferred,until the funds are withdrawn during retirement. Some employers will also match a certain percentage of funds contributed by the employee participant.

Individuals also have the option to fund an Individual Retirement Account, or IRA. Similar to 401(k)s, these accounts also offer various tax advantages, such as investing pre-tax dollars that may grow, tax-deferred, until withdrawn upon retirement, when the investor’s tax rate is likely to be lower than it was during the earning years. A Roth IRA allows investors to deposit after-tax funds – also within certain guidelines – that are withdrawn tax-free when the investor reaches retirement.

Retirement planning is one part of an overall holistic financial planning approach. With holistic financial planning, all of your objectives – both financial and otherwise – are analyzed and then planned for using strategies and tools that are specific to helping you move closer to your goals.

Contact us to determine how we can map out a retirement savings strategy that is designed to help you reach your ideal financial goals for the future lifestyle you desire.

Withdrawals from IRAs and 401(k)s may be subject to early withdrawal penalties before age 59 ½.

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