When it comes to retirement planning, everyone needs these 3 basic things:
Every retirement is unique. An individual’s situation – where they live, their health, their family, their finances, their goals – drives retirement. But, despite being so unique and individualized, fundamental tenants of retirement apply to almost everyone. In fact, the notion that we think we arePerhaps this is best illustrated through the psychological occurrence when people go along with something because they believe everyone else is on board.
Everyone also runs into retirement risks. While the magnitude of risks might be different for each person, the same risks generally apply: longevity, inflation, market risks, long-term care and health care risks. People find meaning through engagement in retirement. Retirement is a period in your life when you should be happy, but without engagement you likely won’t be as happy. All of our finances and financial planning is a means to an end. The end being a happy and secure retirement and the means as the finances.Be prepared for change. I often describe retirement income planning as like trying to hit a moving target in the wind. The wind being the risks and changes we’ll see during retirement.
All of these strategies are designed to do two things: make money last for a lifetime and make the client feel like they have the money they need in retirement.
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