Basic Steps for a Retirement Plan
HandelontheLaw.com Staff Writer
Planning for a financially sufficient retirement can involve many steps; however, some essential measures merely take common sense.
First, determine your probable basic yearly retirement expenses, adjust them for inflation as best you can and total them.
Secondly, determine the expenses for doing things that you just plain enjoy once in a while and add the sum(s) to your basic expenses total. Now you have at least a ballpark figure of the yearly amount you’ll need for a reasonably satisfactory retirement.
Third, determine how you can fund those yearly expenses. Social Security may cover some of them and, at least theoretically, the longer you can delay collecting Social Security, the higher your eventual monthly Social Security check. If you’re like many people, you’ll need additional income in retirement to cover at least some of your expenses; if so, you will need to determine: the amount that must be periodically contributed to your retirement; the source(s) of those contributions; the type of retirement fund that will best serve you.
Fourth, consult with a financial planner. If you merely wish to use a financial planner’s expertise to set a plan and follow it on your own, you can hire a financial planner for an hourly fee or a flat rate; however, if you want ongoing advice and guidance, then you can retain a financial adviser to oversee your financial life.
Fifth, with your financial planner’s assistance, you can: review your initial financial determinations; determine the best sources and accounts for your retirement plan; plan the best allocation of your resources while accumulating your retirement funds; consider approaches to federal and state tax consequences; and forge a Withdrawal Policy Statement that will help you adhere to your plan, adjust for periodic changes and stay the course to a well-funded retirement.
DO’S AND DON’TS
DO determine your probable basic yearly retirement expenses, including sums for fun, and adjust them for inflation.
DO determine how you can fund those yearly expenses, with Social Security and otherwise.
DO consult with a financial planner for either occasional advice or ongoing oversight of your finances.
DO set up a Withdrawal Policy Statement to help you adhere to your plan, adjust for periodic changes and stay the course to a well-funded retirement.
By Kathy Catanzarite
Note from HandelontheLaw.com: This article is to be used as an educational guide only and should not be interpreted as a legal consultation. Readers of this article are advised to seek an attorney if a legal consultation is needed. Laws may vary by state and are subject to change, thus the accuracy of this information can not be guaranteed. Readers act on this information solely at their own risk. Neither the author, handelonthelaw.com, or any of its affiliates shall have any liability stemming from this article.
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