When It Comes to Retirement Planning, One Size Does Not Fit All Part 2: How Much Income Will I Need In Retirement?

As discussed in our previous blog post, When It Comes to Retirement Planning, One Size Does Not Fit All Part 1: The Safe Withdrawal Rate, individuals facing retirement are now being involuntarily thrown into the role of retirement planner due to the gradual extinction of defined benefit pensions.  Without the proper education and training, these individuals have to trust broad, general assumptions regarding retirement planning; which, needless to say, presents several problems.

Life & Retirement Planning - The Big IF in Life

I usually tell people that there’s a big IF right in the middle of life. Just as you never know what may happen in the game of Life, there are many “what ifs” when retirees begin to plan for their retirement. For retirees and soon to be retirees, there are many ifs running through their minds.  One of the biggest retirement planning concerns is if they will outlive their income.  The good news is that there are products, processes and plans available to help mitigate longevity risk (outliving one’s income).

We typically address 3 core retirement planning scenarios with our clients: