Retirement planning is a lifelong endeavor.  Recognizing this is the first step to ensuring a financially secure future.  Unfortunately, the statistics show that many of us don’t realize the necessity of planning for retirement.  According to a study conducted by the U.S. Department of Commerce, only 5 percent of all Americans are financially independent at age 65.  The study further indicated that 75 percent of retirees are forced to depend on family, friends, and Social Security as their only source of income.  You can protect yourself from falling into these statistics by planning now for your retirement.

There are four main sources of retirement income:

•    Social Security
•    Employer Pension Plans
•    Personal Retirement Savings Accounts
•    Personal Investments

We advise our clients that in order to retire with financial security, you will need at least two thirds of your pre retirement income, three quarters provides a more comfortable margin.  In any case, we recommend that you consider these factors in any estimates:

•    The number of years you plan to be retired
•    The lifestyle you would like during those years
•    The rate of inflation between now and the day you retire

If determining how much money you will need seems impossible, don’t despair.  We welcome the opportunity to help you reach your goals and minimize the guesswork.