What is Retirement Planning?
Retirement Planning is a process where a client and an advisor work together to help the client reach financial goals that client may have regarding retirement. This could involve retiring at a certain age, acquiring a larger home, clearing all debts, or other such financial goals.
What does Retirement Planning involve?
Retirement planning involves taking today’s current metrics regarding cost of living and adjusting it accordingly to our client’s needs. Retirement planning can answer whether or not a client can reach their financial goals for their retirement. If they are currently not on track to reach their financial goals, this is where Retirement planning can help solve their problems. Retirement planning can help address any shortcomings that may be hindering progress towards reaching their financial goals and highlight any process that may be contributing towards retirement. However, certain changes to their current financial situations and investments in certain investment vehicles can ensure all of the client’s financial goals are both addressed and accomplished by the client’s given deadline.
What is the process?
The first step in retirement planning is to clearly define a client’s goals. Every client has certain goals that they may want to accomplish by the time they retire or during their retirement. Each financial goal involves a certain amount of money that the client believes will be adequate in order to accomplish it. These amounts of money are taken into account and projected for the client’s desired timeline. A plan is then created in order ensure that these financial goals will be accomplished accordingly. This could involves investing in certain investment vehicles, redefining a client’s goals, or making slight changes currently to ensure the goals are accomplished.
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