The Complete Retirement Planner Blog

Retirement Planning - Before The Numbers

When planning for retirement, the first question on everyone's mind is, "how much money will be needed to fund a comfortable retirement?". That makes sense, but just coming up with a number isn't enough. How you arrive at that number is every bit as important, if not more important, than the number itself. With the many moving parts of a financial plan, most involving predictions of what is likely to occur in the future, being realistic and conservative with your forecasts ultimately determines how reliable your results will be. As you start developing your plan keep these considerations in mind:...

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Keep Working or Retire? Don't Decide, Do Both.

There are distinct advantages to continuing to work as long as you can - or at least as long as you can stand to. A dependable income is the most obvious, but the workplace can also offer a sense of self worth and a social aspect that should not be taken for granted. After decades of work, you can't help but to make a lot of personal and professional connections that become important to you. On the other hand, even if you've built a nice working life for yourself (or, especially if it all hasn't worked out just the way...

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Retirement Savings Benchmarks - Even The Pro's Don't Agree

The magic question about saving for retirement revolves around how much you will really need to save to have your money last for at least 25 years (assuming you retire at age 65). Of course, creating a comprehensive financial plan will help to answer this question with the most detail and reliability, but many people also look for a quick guide to at least get the conversation started. Every day you can find any number of articles about saving for retirement (even though 99% of them are just regurgitated versions of what has been written a thousand times before) that...

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Create An Income Plan, Not A Savings Goal

A simplified approach to retirement planning revolves around projecting your expenses, and then multiplying that amount by 20-25 years to come up with a savings goal. The first part is fine, and well advised, but the second part is lacking. Even if you could figure out the optimal amount (isn't predicting the future always the trickiest part?), is running out of money in your 90th year your true objective? Of course you want to be able to pay your bills without worrying, but how will you feel watching your balance get closer and closer to $0 every year, and not...

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Prioritizing The Order Of Funds Used In Retirement

With all of the available advice about saving for retirement, one topic that doesn't get the attention it deserves is just how to prioritize using the different sources of funds that you have worked so hard to accumulate. After decades of saving, careful thought needs to be applied in determining just how to maximize the effectiveness of those funds (towards paying expenses), how to preserve them for as long as possible, and how to minimize the "loss" to taxes. Most people will have a combination of cash/taxable accounts (this includes income from Social Security, pensions or other sources), tax-deferred 401k/IRA...

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