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Retirement

Preparing for the road ahead.

What is Retirement Planning? To start, it is simply being able to answer 5 key questions;

  1. What age should/can I retire?
  2. How much money will I have at retirement?
  3. How much money will I need throughout retirement?
  4. What's the difference between how much money I will have and how much I will need?
  5. What are my options to improve my retirement?

 If you don't know the answers to the questions above, we can help you gain the knowledge to do so.

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Regardless of your age or the planning stage you're in, we can assist you with;

  • Providing Current & Future Retirement Income Needs Analysis.
  • Understanding Your Retirement Options.
  • Creating or Reviewing Your Retirement Plan.
  • Retirement Income Goal Setting.
  • Maximizing your Employer Benefits.
  • Evaluating Supplemental Retirement Options.
  • Addressing Inflation's Impact on you retirement.
  • Calculating Your Retirement Age.

Click Here for More Information About The Retirement Planning Basics.

Information

You Should Know

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The Average Retirement Age? Recent statistics published by the Office for National Statistics revealed that people are working longer than they used to. The average age of retirement is 64.6 years for men and 62.3 years for women.

The Average Cost of Retirement? The Social Security Administration estimates that a retiree needs about 70 percent of preretirement income for retirement. The Department of Labor suggests 70 to 90 percent of pre-retirement income is needed.

The Average Amount of Money Saved for Retirement? 15% of your take-home pay is a common amount used when saving for retirement. As your situation varies, you may need to adjust the amount you're saving. Approximately 60% of pre-retirees report a total savings and investments of under $25,000. About 49% of Americans say they aren't contributing to any retirement plan, according to a new survey conducted by LIMRA.

The Average Amount of Income Provided by Social Security? Social Security retirement provides about 40 percent of that income, leaving the retiree to find a match to the Social Security income. Approximately 35% of Americans over age 65 rely solely on Social Security.

The Average Inflation Rate? In the most recent decade (2002-2011) the average annual inflation rate was 2.43%. The inflation rate in the United States was recorded at 1.70 percent in August of 2012.

Questions

You Should Ask Yourself

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When Should I start planning for my Retirement? This depends on how much money you need, how much money you save, and when you plan to retire. Generally speaking you want to save for 20 years and plan on having a 30 year long retirement. The earlier you start planning the better.

What age am I going to Retire? Your retirement age is very determinant upon the type of work you do, how much money you are going to need, and how much you have saved along the way. The best way to determine your optimal retirement age is to complete a full needs analysis by a qualified representative.

What types of Retirement Plans are available for me? There are various types of retirement plans available to you as an individual. Your age and employment may be factors in what options are available to you. These include, but are not limited to 401k and 403(b) plans, IRA and Roth IRA plans, SEP and Defined Benefit plans, 457 and SARSEP plans. Meeting with a qualified representative would help you determine what options you have to choose from.

How much should I be saving for my Retirement? This should be an amount that you can afford on a consistent basis. Whether it's 1% or 100% of your monthly income, staying consistent for a long period of time is the key. Other factors to take into consideration would be how much money you need to save, how much interest you are going to earn, and how much time you have to save.

Where should I be saving for my Retirement? Your age and employment may be factors in where you should be saving. There is no "1 size-fits All" when it comes to saving for retirement. Meeting with a qualified representative would help you determine where you should be saving.

Why should I be saving for my Retirement? Social Security, Pension Plans, or Employer' Sponsored Retirement Plans may not provide you with an adequate amount of money needed for your retirement.