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How Do We Know If We Can Afford To Retire?
John, a business owner, and his wife Lynn, a medical professional, had various accounts including an IRA and a small mutual fund account. They had been contributing to their 401(k) plans for a number of years, but until they were empty nesters, they didn't really get serious about their retirement.
Then, they began to ask vital questions about their retirement:
How much money do we need to retire?
Do we have enough or will we have enough so that we won’t outlive our savings?
Where will our income come from?
What if things change?
How do we manage our health care costs?
How do we even start the planning process?
Putting A Meaningful Retirement In Perspective
By following our Five Step Financial Planning Process For Financial Fitness we will help John and Lynn clarify their future needs and goals for the next stage of their lives. The process will help them develop a financial snapshot of where they are now and how they envision their retirement. From here we can create a gap analysis.
In addition, the planning process will include several "What if" scenarios. These speak to many of the prevalent risks that threaten a successful retirement such as inflation and illness along with possibilities such as the trip of their dreams.
Going through this process will help them develop a clearer understanding of their retirement income picture.
Getting On Track To Meet Their Retirement Income Needs
A careful review and analysis of their assets along with their reliable income sources matched with their needs and wants can reveal whether they are on target. If not, together we will make any adjustments to their plan.
The desired result will be a custom retirement income plan tailored for John and Lynn. Planning for retirement is an ongoing process. Their life is dynamic, and their needs will evolve through the years, and their plan will be dynamic, too. With their retirement planning in place they will enter the final part of their accumulation phase with clarity, purpose and confidence.
You can discover more about the Five Step Financial Planning Process For Financial Fitness here.
Or for help to pursue your desired outcome you can call us at 701-852-3090 or contact us here.
This case study is for illustrative purposes only. Individual cases will vary. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Prior to making any investment decision, you should consult with your financial advisor about your individual situation.
Investing involves risk and you may incur a profit or loss regardless of strategy selected.