This personalized planning tool can assist you in making up-to-date and accurate financial decisions >>
Once upon a time, retirement would conjure up images of lazy days spent in a rocking chair. Today’s retirement is very different. You might plan to open a business of your own. Or perhaps you’ll return to school for that degree you never had the chance to complete. So what does this redefined retirement mean to you? There is no one answer. In the coming decades, “retirement” will mean something different to each of us. Regardless of your decision, you’ll need to design a financial plan suited to your specific vision of the future.
A good starting point might be to examine your sources of retirement income. If you pay attention to the financial press, you’ve probably come across at least a few commentators who speak in gloom-and-doom terms about the future for American retirees, decrying a lack of savings and warning of the imminent growth of the elderly population.
True, there is widespread concern about at least one traditional source of income for retirees — Social Security. Under current conditions, Social Security funds could fall short of needs by 2033.1
This shift makes it even more important for individuals to understand their goals and have a well-thought-out financial plan that focuses on the key source of retirement income: personal savings and investments. Given the potential duration and changing nature of retirement, you should seek the assistance of one of our professional financial consultants who can help you assess your needs and develop appropriate investment strategies.
As you move through the various stages of your new retirement, perhaps working at times and relaxing at others, your plan may require adjustments along the way. Our professional consultants will help you monitor your plan and make changes when necessary. Among the factors you’ll need to consider:
To ensure that retirement lives up to your expectations, begin establishing your plan as early as possible and consider consulting with one of our consultants. With proper planning, you may be able to make your retirement whatever you want it to be.
1Source: Social Security Administration, Facts & Figures About Social Security, 2012.
2Past performance is no guarantee of future results.
© 2012 S&P Capital IQ Financial Communications. All rights reserved.