Find Your Way to Financial Independence
The single greatest financial task we face is accumulating sufficient resources to allow full time employment to be optional. We can help point the way.
- The first step in developing a comprehensive retirement plan is to asses a target age. That tells us how much time we have to continue accumulating resources.
- Next is to find a reasonable age at which retirement “ends”. We will probably live longer than we think! We also choose a presumed inflation factor, and a comfortable assumed rate of return for investments.
- Then we inventory the current assets that would help meet the retirement goal, including Social Security, any Pensions that may be available, and any potential income earned while retired.
- Finally we target the monthly income needed at retirement.
From this data gathering, we can asses if the plan is on target, if the assets are invested correctly, if additional svaings are required, or if retirement could come sooner than thought!
While the initial planning process is important, the ongoing review to assure we are on the “right glide path” is even more important.
Where Does Social Security Fit in Your Financial Plan?
Read more here.