Long before retirement even hits our radars, we’re planning what type of education, skills training and professional designations we’ll acquire.
We also spend a lot of time planning which industries are the best places to work in, and which employers to work for.
Once employed, we carefully consider our every career move, so that we progress to the top of the ladder in our respective fields.
Sadly though, while we focus most of our efforts on all these plans, we often forget to plan for “life after work.”
Everything we do – from choosing a career to managing career progressions at our employers – is presumably so we and our families and dependents can have a better life. But if we fail to plan for “life after work,” all of the plans and effort we put into our working lives, could be jeopardized.
What will retirement look like? Are we spending too much? What if we’re not saving enough? How frequently should we be saving? Could we run out of money in retirement? Are we investing in the right places? How much will we need in retirement? Will government and employer pension plans cover us through retirement?
If we don’t plan for retirement, we’ll never be able to prepare for it. And an ill-prepared retirement is bound to be one filled with financial stress and chaos.
Retirement income has often been referred to as the “three-legged stool.” This meant the stool was support by:
Today, retirement income is less reliable because fewer employers offer pensions, and employees have not been able to save as much due to stagnant waves and high levels of debt. One approach to building a retirement income strategy today is to visualize it as a “four-legged stool.” This is comprised of the three components mentioned above, plus a guaranteed income annuity. To create that fourth leg, an individual may need to reposition a portion of funds from other investment/retirement accounts. However, while the stool may be shorter than in years’ past, that fourth leg can offer a bit more stability and confidence in your retirement income.
At Indigo Wealth Management, we know that retirement planning doesn’t start at retirement. It starts much before. Our retirement planning approach takes a long-term view of your financial well being. We use a life-cycle approach to ensure your “life after work” is as well-planned as your life prior to retirement.
Here’s what we do for you as part of our Retirement Planning service:
Learn more about our process.....