Financial Planning

While all of us would like to be financially comfortable in retirement; many of us do not Plan effectively to achieve this goal. Taking care of present-day concerns often seems more important than planning for future needs. However, if we wish to enjoy a comfortable retirement, early financial planning is essential; the longer we wait, the more challenging it will be to achieve objectives.

Effective retirement planning requires the identification of specific goals and the implementation of savings plans designed to achieve those objectives. The first step in Planning is determining the amount of income you will require in retirement to maintain your preferred lifestyle. Most financial planning experts suggest using 70% to 80% of your pre-retirement income as a benchmark.  Pre-retirement income refers to the amount of income you expect to be earning at the time you retire, not necessarily your current income.

When projecting pre-retirement income, you will need to take into consideration the effects of inflation over the years until retirement. For example, given a 4% annual rate of inflation, an individual earning $40,000 today would earn $87,645 in 20 years even if they only receive annual cost of living increases.

While Social Security and a company pension may provide some income during retirement, it is unlikely that the amount will be able to wholly satisfy your retirement needs. Most individuals will need to rely on their savings and income from other sources to satisfy the majority of retirement income needs. As such, it is essential that you develop and implement well-timed savings plans designed to realistically achieve retirement financial goals.

Fortunately, there are a variety of options available to help you plan for retirement. If you are to take full advantage of the opportunities, you must be familiar with options and the benefits they provide for your particular situation. This guide will address various options and will help you determine the amount of money you should be saving to achieve your goals. The guide is not intended to be all inclusive.


Your Financial Professional can assist you with determining the most suitable alternatives for your goals.

A financial questionnaire is available to help you provide the information needed to begin the financial planning process. There are also links to obtain quotes and additional valuable financial planning information