Retirement planning is complicated. It may not be rocket science, but there are a lot of variables that can affect how you are going to do financially 10, 20, 30 or even 40 years down the road. As a result, too many people don’t do any planning. Even worse, because they don’t have a plan they don’t give enough thought to saving for retirement.
A fifth of Americans don’t have even $5,000 saved. Nearly half of all Americans now expect that they’ll have to work beyond the traditional retirement age. Those numbers indicate that most people have put off retirement planning and saving, which brings to mind the old refrain “if you fail to plan, you are planning to fail.” The truth is that you can do it, but most people need help.
There are so many variables in life that tend to make planning difficult. How long will you live? What will your health be like as you age? What will returns be on stocks and bonds before and through your retirement? How fast will the cost of living go up? Will your income increase between now and your retirement? How much income will you need when you retire? What will the tax rate be in the future when you are retired?
That’s where having a financial planning advisor is so helpful. They are not prophets, but they can create a plan with conservative assumptions that can be updated from time to time to provide guideposts and milestones on your way to retirement. Advisors who specialize in retirement planning can begin a discussion with anxious individuals and couples and offer the appropriate level of support. An advisor’s job is to help you create a path to financial success and to teach and encourage the behavior that helps get you to your goal.
A good advisor helps remove the fear of failure and encourages good financial habits. Time is your most valuable asset and the clock is ticking. Call us today or use our contact page to get started.
Arie J. Korving, a CERTIFIED FINANCIAL PLANNER™ professional, has been delivering customized wealth management solutions to his clients for more than three decades. Prior to co-founding Korving & Company, he was First Vice President with UBS Wealth Management and held management positions with General Electric.