Do You Have a Retirement Plan?

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Published by Ryan Cooley

Following an understandable, manageable and disciplined approach to planning can alleviate certain financial stressors and afford you peace of mind. Most people don’t realize their cash flow needs to change as they progress through retirement.

“How much money do I need to retire?”

This is a question I’m often asked once someone discovers what I do, it’s only natural. From these interactions, I have come to learn that people are simply looking for reassurance that they are on track to retire – simple question, hard to answer!

There is no cookie cutter response to this question. I generally reply with, “Have you followed a process in your planning?” “Have you determined what is important to you, both financially and emotionally?” Following a process to ensure you are taking all your needs into consideration both pre-and post-retirement is crucial. Most people don’t realize their cash flow needs to change as they progress through retirement.

Therefore, we like to determine a personal Family Index Number. The Family Index Number is the return you need to earn to help ensure there is sufficient cash flow with the appropriate exposure to risk. It’s one of the first steps in Jacob William Advisory’s disciplined planning process when developing a financial plan.

Planning should include factors that are unique to you, and in some cases, require certain assumptions. Consider how you would answer the following questions:

  • How long do you plan to work?
  • Where do you want to live?
  • What will your expenses be in the various stages of retirement?
  • What sources of income are available, such as pensions or Social Security benefits.
  • How long do you see yourself living?
  • Is leaving an inheritance important?
  • Would you like to leave a legacy to a charity or organization you are passionate about?

It may be impossible to know all the answers to every question – but we can make sure your plan considers many of the scenarios and factors that concern you.

Following an understandable, manageable and disciplined approach to planning can alleviate certain financial stressors and afford you peace of mind. If you don’t know the answer to your retirement questions let me assist you in finding your answer. To get started, take our short Risk Tolerance Questionnaire, from there we can help you build your plan and ultimately answer this important question. Prefer to speak in person? I may be reached at 410-821-6724.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Investing involves risk including loss of principal. No strategy assures success or protects against loss.

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