Services
Retirement Planning
I think of retirement planning differently. I follow a customized process to implement a solid set of strategies that will enable you to achieve financial independence by a certain targeted date. It is about creating freedom and options that allows you to take time off work, transition to another position or second career, volunteer, and pursue other meaningful passions if you want to. I like to plan for future opportunities and cover all bases. With a little planning, you'll be able to live your later years with peace of mind, independence and dignity.
Retirement planning involves the process of determining your retirement income goals. We base this on your expected spending and expenses balanced with the committed actions and financial decisions necessary to achieve your retirement goals. We also monitor your retirement plan and schedule regular check-ins with you to ensure you are on track, and to update your plans as your life unfolds and changes.
Comprehensive retirement planning includes identifying income sources, estimating expenses, implementing savings programs in various investments, accumulating and managing assets, and considering costs, inflation and taxes.
How Much Money Will You Need to Retire?
Determining how much money you will need to live a comfortable retirement depends on a number of factors: how you plan to save, what investment types, styles and strategies you implement while considering taxes, inflation, and professional costs.
Calculating Your Retirement Lifestyle
Calculating how much retirement income one needs largely depends on the amount one plans to consume and spend during retirement.
In other words, it is important to know your consumption in dollars.
Many people determine their retirement income needs based on a percentage of pre-retirement income or on a lump sum accumulated capital amount. But you will still need 100% of your consumption dollars.
Your “number” can vary greatly depending on a number of variable factors, like:
- Your personal situation
- Your goals
- How long you expect to live
- Your health
- Relationship status
- Debt load
- Home ownership status
- Family obligations / provider responsibilities
- Expected retirement date
DWM Retirement Tips:
Your intended spending amount is key to calculating your required retirement number, but we recommend adding a buffer to have “comfort zone” and for a “comfortable retirement.” Your buffer also combats market downturns, rising costs, and unforeseen expenditures.
