Retirement Planning
Essentially there are three phases of retirement each with their own challenge. Yet with a sound financial plan some of the risks of these phases can be eliminated.
The three phases include:
- Accumulation
- Distribution
- Wealth Transfer
Accumulation
Many times retirement is so far off, that we fail to plan soon enough. Compounding interest is key during this phase but are you putting away enough in order to make your retirement what you want it to be? A financial plan can help make these decisions so that action can be taken to avoid a potential shortfall.
Distribution
In a recent AARP report (see link below) they state that almost half of Americans fear running out of money in retirement. This is one of the biggest concerns that a sound financial plan can help eliminate.
https://www.aarp.org/retirement/planning-for-retirement/info-2019/retirees-fear-losing-money.html
Wealth Transfer
By planning in advance for this, you can make this process easier for your loved ones upon your passing. They would have already lost a very important person in their lives, do you want to make this part difficult as well?