Gone are the days when a company would reward a retiree’s long years of service with a gold watch and monthly pension. Today, old-fashioned defined benefit pension plans have been replaced with 401(k)s and Individual Retirement Accounts (IRAs). These accounts require you—not your employer—to determine how much to save, as well as how to invest and manage those savings. They also require you to assume all the investment risks, and be fully responsible for both retirement accumulations (savings) and distributions (monthly retirement checks).
Setting up a retirement planning strategy should be a top priority. Now more than ever, it’s up to you to achieve your wealth goals. Working with a qualified Certified Financial Planner (CFP®) to discuss the best way to build your nest egg and to learn which investment options make the most sense for you is extremely important.
Today the idea of retirement produces different images for different people. Unfortunately for many people it produces no image; they’re unsure of what their retirement will look like and they have an even hazier picture of how much retirement could cost them. Planning for the future is the key to living the lifestyle you want in retirement.
As a financial advisor for more than a quarter century, I have had an intimate view of my clients’ goals, dreams and finances. For many, retirement means starting a new second or third career; starting a new business; remaining a contributing member of society; leaving a legacy for family or others; running a charitable family foundation; or, as one client articulated, to become a “professional grandmother.” Regardless of your personal objective, it’s important to have a vision of your retirement and to plan ahead.
For more information or to discuss your retirement plan with a Senior Wealth Advisor, please contact us by calling 631.218.0077.
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