Retirement Planning is more important than ever. An underfunded Social Security program has left many wondering if they should even include those benefits in their retirement planning. One thing is for certain: unless you plan to work forever, you're going to need to develop a retirement plan.
There are many considerations when creating a retirement plan. A good place to start is determining your expected expenses during retirement. Your expenses should be inflation adjusted and should include possible legislative changes in future tax rates and health care cost. Your annual withdrawals for expenses are known as your distribution rate.
Once you have calculated your distribution rate you need to determine how many years you will need to make these withdrawals. This calculation will be based on your life expectancy. A prudent retirement plan might include a distribution rate that lasts ten or more years longer than an individual's life expectancy.
Now that you have determined how much you will need at retirement, you will need a plan to make sure you have enough saved. During the savings and accumulation phase leading up to retirement it is very important to have a balanced portfolio and a reasonable expectation of your rate of return. Market volatility can have a dramatic impact on your rate of return and should always be accounted for when planning for retirement.
To learn more about planning retirement please take a minute to order a Rollover Planning Kit. The Rollover Planning Kit includes many helpful Stifel Nicolaus guides for planning your retirement.
To speak directly with a Retirement Planning Advisor about your retirement planning concerns, please give us a call at (800) 434-4015.
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