The difference between financial planning and retirement planning is the attention to income in retirement—where will your money come from when you’re not working? Social Security planning is a big part of retirement and many advisors don’t understand it. Make sure yours does. (We do!)
There are more risks than just market risk and personal risk tolerance when it comes to your retirement plan. There is longevity risk, sequence of returns risk, inflation risk—and overspending risk. Different individuals have unique needs—and completely different risk factors.
Whether you’re planning to kick back, travel or volunteer, in retirement you have to plan to exist without receiving a paycheck. Retirement generally comes in phases and each phase presents challenges and risks. You can no longer just quit working at age 65 and go on extended vacation—planning is key.
