2. LONGEVITY – many articles are written about the concerns of retirees that they will outlive their retirement income and funds. With proper planning this risk can be minimized, if retirement planning was a part of a long term strategy. Ask the question: IF… I live past 100, how can my financial plan stretch to that life span? What adjustments can I make now?
3. UNEXPECTED PERSONAL EVENT/CRISIS – no one can predict the future and unexpected means just that… A crisis that can derail the best retirement planning. The crisis can come in many forms- unexpected death of a spouse; loss of job; forced early retirement; need to relocate; bankruptcy. A retirement plan, although not including the SPECIFICS of a crisis, can include a strategy for POSSIBLE DISRUPTION of lifestyle and finances. Ask the question: IF… I lost my job tomorrow, how can I prepare a financial safety net?
4. GOVERNMENT POLICY CHANGES – just ACKNOWLEDGING that change is inevitable can be a type of strategy. One cannot expect things to remain the same over time. Retirement planning is an ongoing process. Those who put their retirement planning into a “fix and forget it” mode cannot expect to react quickly to changes in legislation - such as taxation of previously non- taxable assets. Assessing the potential for a policy change and what response might be appropriate is a big step towards protecting your retirement assets. Ask the question: IF… my personal income/assets were to be taxed at double the current rate, what can I do now to preserve my income?
5. CHANGES IN MARKET FORCES– In the current economic climate this is perhaps a top influencer of retirement planning. Major market forces such as inflation, portfolio losses, business failures/unemployment and decrease of earning potential are forces that have far- reaching impact on a person’s retirement. Event- driven market volatility can erupt rapidly, sometimes with little warning. Assessing potential changes in markets and the economy can be part of the strategy of successful retirement planning that includes solid financial planning. Ask the question: IF…I lost half the value of my investments, what would be my strategy?
Retirement planning is an integral part of an overall strategy of estate planning.
Estate planning helps a person strategize for the ‘what ifs” of their life.
Working to Preserve Your Wealth and Protect Your Future…in a Constantly Changing World
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