Retirement Planning is a constantly evolving process, much different than past generations. Why? Because you are in charge of your golden years – Congratulations. For the most part, gone are defined benefit pension plans that guaranteed you a monthly income. Enter the defined contribution pension plan, or in most cases, a 401(k) or 403(b), where you defer your money AND you get to invest/manage it as well – Again, congratulations!!! Just what you wanted another job. Manage it well, live well. Anything less than…Good Luck.
Retirement Planning initially incorporates factors including saving, investing, managing, plus a few more. Throw in Social Security and the terms ‘File and Suspend’ appear, along with the ultimate question of ‘When should I take Social Security?’ The answer is ‘It depend’. On what you ask? Family history, work history, current economic situation, amongst other things. Retirement Planning is not an art, nor a science, but a blend of both, each fraught with the caveat of ‘ No Do Overs’. Get it wrong and oops, too bad.
Now imagine being guided by a Certified Financial Planner(tm) and allied professionals whose sole purpose is to get it right. For you. Sound appealing or comforting? Either way, remember, you control your destiny, so take action and explore what your next stage in life may look like. After all, hope is not a strategy.