Retirement Income Planning


What does retirement mean to you?

Is it quiet afternoons, relaxed vacations, and time to devote to your family, hobbies and passions?

Or do you love your career and just want to know that you are going to be able to maintain your lifestyle when that unknown retirement day finally comes?

These are just a few reasons to prepare for your retirement. With careful planning, you should be able to live the way you want- today and after retirement – without worrying about financial security.

Historically, the United States had three strong legs of the retirement stool: a well-funded Social Security system, substantial corporate pensions with retiree health benefits and ideally, a strong personal savings rate. However, the booming population coming of retirement age has changed all that. Social Security was never intended to provide all of the income needed in retirement, and many employers have replaced pensions with self-directed defined contribution plans.

State and local government pension plans are typically underfunded, cutting back on benefits and raising retirement ages.[1] In the private sector, only 42 percent of workers age 25-64 have any pension coverage at their current job.[2] As for retiree health plans, the percentage of large employers that sponsor them has dropped from 46 percent in 1991 to just 8 percent today.[3] Instead of defined benefit plans, it is more common to have an employer-sponsored, defined-contribution plan such as a 401(k), 403(b), or 457 plan. These plans are an excellent way to save, but we are only now witnessing the first wave of “401(k) retirees” who will live off of this type of savings. Defined contribution plans will be watched to determine if they meet the retirement savings needs for anticipated longer life spans.

With the future of Social Security benefits unknown and pensions disappearing, retirement planning and saving are now more important than ever. Although retirement may seem to be in the distant future for some individuals, many retirees will probably tell you that they wish they had started saving and planning for retirement much sooner. However, it is not as simple as it appears. You owe it to yourself and your loved ones to look toward the future and determine what you can do today to help secure and sound retirement tomorrow.

There are many variables involved in creating an income strategy for today’s retirees. Americans today spend a lifetime saving as much money as they can for retirement.  But when they finally get to that retirement stage, many feel worried and unsure if their money is going to last… going to give them the income they will need for the rest of their life.  We will put a custom PLAN together for you to give you the income you need.  A Income Plan that makes sense to you and that you can count on, so you can start doing the things that are most important to you in life.

[1] Congressional Budget Office, The Underfunding of State and Local Pension Plans, May 2011; http://www.cbo.gov/sites/default/files/cbofiles/ftpdocs/120xx/ doc12084/05-04-pensions.pdf.

[2] Center for Retirement Research at Boston College, “The Pension Coverage Problem in the Private Sector,” September 2012, Number 12-16; http://crr.bc.edu/wpcontent/uploads/2012/09/IB_12-16.pdf.

[3] U.S. Chamber of Commerce, “Private Retirement Benefits in the 21st Century: A Path Forward,” 2012.