Retirement planning, college savings, estate planning, gifting… Our financial lives can become overwhelming. Therefore, the best way to achieve one’s short- and long-term goals is to establish a formal financial plan. Our thorough process, led by a Certified Financial Planner™ (CFP®) and combined with one of the most highly rated software platforms, ensures that we and our clients review all relevant investment, tax, insurance and estate information and arrive at a strategy that properly reflects the objectives and risk tolerance of each client.
Required Savings Rate for Retirement
(Percentage of annual salary. Assume $0 of Accumulated Savings at the Beginning Age)
*Assumes appropriate asset allocation for reasonable-risk investor through accumulation year; also assumes normal raises and an 80% wage replacement ratio at Social Security normal retirement age and includes Social Security retirement benefits. **At age 55, the person will realistically have to delay retirement until age 70. Source: Dalton, Michael A. Fundamentals of Financial Planning. Money Education, 2013.
The biggest question faced by retirees or those working to save for retirement is…
Have I saved enough for a comfortable retirement?
To help you determine the answer to this question, we propose a discussion framed around these four questions:
- What do you expect from retirement and how can you fulfill those goals?
- How many years do you expect to be retired?
- How will inflation affect your portfolio over time?
- How can scenario analysis help you to think about your retirement?