Retirement planning is one of the most discussed
financial topics today. The retirement planning approach is a
great entry that can lead to life insurance, investment and estate
liquidity needs analyses.
Many people believe that today's level
of Social Security benefits will not be available for future
retirees.
Many companies have switched from defined benefit to defined contribution plans, placing the pressure for retirement savings on the employee.
Many employees don't stay with a company long enough to qualify for a pension, and must depend on their own savings.
Many individuals are not retiring as soon
as they're eligible for benefits; they're staying on the job
or changing careers.
Advances in medicine mean longer and more active lives, requiring more money to support ourselves in retirement.
The Retirement Income module looks at current
sources of income as well as anticipated future earnings. Assets
are earmarked for liquidation, non-use, or to be conserved in
retirement. Civil, military and other defined benefit programs
are considered as well as the effects of a post-retirement job.
Future savings, including 401(k) plans and company matching, are
projected to see if they will meet the need. The presentation
graphically illustrates the client’s retirement income stream
and asset flow, and calculates a target savings rate achieve his
or her goals.
