Retirement Planning

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Retirement Planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program and managing assets. Future cash flows are estimated to determine if the retirement income goal will be achieved.




Investing for retirement doesn't have to be complicated. The key is to determine how much you'll need and then develop a plan to achieve your goal.

When setting your retirement goal, you should:

·        Focus on what you can control—how much to save and where to invest it.
·        Create a plan so you can track your progress.
·        Monitor your plan and adjust as necessary.

Begin by considering the lifestyle you envision in retirement. Most experts say you'll need roughly 70% to 80% of your current annual income to live comfortably. This could include sources such as Social Security, but it's probably wise to conclude that your personal savings will provide your primary source of income.

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