Retirement planning is quite possibly one of the most important financial commitments you will ever make. Taking the time, when you’re young, to map out a plan is the first step. Revisiting that plan annually, or at least bi-annually, is the best way to ensure you’re on the right path. We encourage you to keep in mind that just as your career will evolve and grow over time so too should your retirement plan.
It is however important to remember that regardless of your stage in life, it’s never too late to start retirement planning. In fact, if you find yourself late in life and unprepared for retirement you’re not alone. A recent report from industry authority LIMRA, found that only 48% of U.S. pre-retirees (age 55-70) feel that they will be able to live the lifestyle to which they aspire during retirement. The study also found that 30% of pre-retirees haven’t begun any type of retirement planning.
Working with a Financial Advisor
If you fall within the majority of pre-retirees who feel unprepared for retirement, we encourage you to start today! LIMRA’s research has proven, time and time again, that working with a financial advisor is advantageous in the retirement planning process. Those who work with an advisor are much more likely to complete important exercises like calculating future assets and determining how long they can be expected to last.
Writing a Formal Retirement Plan
Another important step in retirement planning is writing a formal retirement plan. Your written plan should include your managed income, assets and the expenses you will face. In looking at each, side-by-side, it becomes very easy to determine when retirement will truly be feasible.
If you dream of the day that you can settle into retirement, there is no time like the present to begin retirement planning. Even if you haven’t done so before, you may be surprised to learn that retirement is well within reach.
Want to learn how life insurance can help to close the gap in your retirement plan? Contact us today and speak to one of our highly experienced life insurance agents one-on-one.
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