Retirement is not a really a fixed date, as most people assume, but rather happens on a timeline. Furthermore, saving up for retirement is not the same as retirement income planning. Retirement income planning is a relatively new field and proper planning can result in a fulfilling life, financial independence and peace of mind.
The first challenge is that the client doesn't have any experience with retirement. He or she is being asked to first visualize and then plan for the unknown. Clients are also asked to plan for everything from dreams in the active early years of retirement to how they will be cared for if they can no longer provide care for themselves. And if you exhaust your money, then the rest of your plans and dreams won't really matter.
It's complicated by the fact that there is no universal solution, because everyone has a different set of circumstances, goals and resources. Some are well funded and others are not, having to rely heavily on Social Security. Then once you figure out the goals, you must also be ready for the "bumps" along the way. What happens if inflation is high, taxes go up or life goes on for a very long time? These are just a few of the issues to consider.
Our team will help build a comprehensive plan so you can retire with peace of mind. Church Street Financial Management has a fiduciary responsibility to always place our clients' interest ahead of our own. We deliver sophisticated portfolio management, personal relationships and holistic financial planning. We will help you build a blueprint for an actionable plan to meet your goals.