Planning for retirement is an ongoing process of establishing realistic goals and managing financial assets to accomplish those goals. Those not yet retired are accumulating the assets needed to finance their goals. Retirees are focusing on maximizing current income and making retirement savings last.
As a general rule, we will need approximately 80% of pre-retirement income to meet expenses during retirement. Social Security and employer sponsored retirement plans may not be sufficient. The long-term effects of inflation are likely to continue to erode retirees’ purchasing power, and must be a planning consideration. As life expectancies increase, income must be provided for longer retirement periods. The high costs of long-term care and nursing home expenses can shrink retirement assets.
The retirement planning process should take into account the following factors:
- Target retirement age - Is early retirement possible, or do working years need to be extended? What is the planning time frame?
- Life expectancy - How many years do resources need to last?
- The effects of inflation - Does income need to increase to maintain a comfortable standard of living throughout retirement?
- The rate of return on investments before and during retirement - Will increasing the potential rate of return increase the likelihood of achieving retirement goals?
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