It’s time to estimate how large your retirement nest egg will need to be and how much you need to save each month to buy that goal. This Financial Planning step is critical. The vast majority of people never take this step, yet it is very difficult to save adequately for retirement if you don’t at least have a rough idea of how much you need to save every month.
There are numerous worksheets and software programs that can help you calculate approximately how much you’ll need to save. Professional financial planners and other financial advisors can help as well.
Regardless of what source you use, here are some of the basic Financial Planning questions and assumptions the calculation needs to answer:
Atlantic Financial uses several strategies including the Nobel Prize winning Modern Portfolio Theory method and a mix of over 18,000 investments to find the ideal match for your financial situation and desired risk and return objectives. The plan is presented in a simple, easy to understand, yet detailed format. A professional will be readily available to you with a detailed review.
There is no cost or obligation to receive a financial plan from Atlantic Financial, however all questions must be completed out in order for us to provide you with an effective financial plan.
Retirement planning is also an important part of your overall financial plan.
What is your current Retirement Plan?
Will You Have Other Sources of Income?
For instance, will you receive a pension that provides a specific amount of retirement income each month? Is the pension adjusted for inflation?
What Savings Do I Already Have for Retirement?
You’ll need to build a nest egg sufficient to make up the gap between the total amount of income you will need each year and the amount provided annually by Social Security and any pension income. This nest egg will come from your retirement plan accounts at work, IRAs, annuities, and personal savings.
See also, Financial Planning for Retirement Income
Learn more about money management strategy
Have life insurance?
It may make sense to get a life insurance review of your current policies.
Without proper long-term planning, your plans might not be ideal, learn more about Tax Efficiency
Learn more about personal money management
Learn more about Financial Planners and Estate Planning
Even the best wealth management and financial plans are incomplete if they do not account for long term tax issues, be sure to review the tax efficiency of your plan.
Having a long term plan that reflects your values can be profitable and serve the greater good see our section about Socially responsible investing
Integrate your plan with your personal finance software
14 Comments on “Financial Plan”
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