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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 five basic challenges that could affect your retirement income security:
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.
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.
Inflation constantly erodes purchasing power through increased costs, while taxes reduce the potential of investable earnings.
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.
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.
Marc.Neumann@LHplan.com | 856.488.2851