Woodstock Financial Advisor – Third Act Retirement Planning —

Woodstock Retirement Planning

I. What Is Retirement Planning?

Retirement planning is a process that people do either when they are close to retiring, or during retirement, to make sure they do not outlive their money, and, in some cases, they have enough money to leave an inheritance.

One of the things that I do with all my clients when we are looking at their overall picture for retirement, of course, is to try and make realistic expectations as far as their portfolio returns go, the inflation rate, and the annual living expenses that they will have.

It is essential to make sure that you take a conservative approach when you are doing retirement planning because many times I have seen people get into retirement and they begin to make substantial withdrawals that they did not plan for, and that is the number one reason that I have seen people deplete their retirement savings faster than they have anticipated.  

This also makes it the number one risk leading to running out of money before they die.

II. What are the Benefits of Retirement Planning?

There are so many benefits to retirement planning, but I do not think any are more significant than peace of mind.

Many people have faith and believe that God is going to provide for them, and, so, at the end of the day, they do not lose sleep about running out of money.

However, it is hard to have that kind of faith for many people, and even the people that do, they want to be wise with the assets that they have.

So, as you begin to look at your expenses in retirement, and what you are retiring with, plus any Social Security you are going to be receiving, or pensions, you can adjust your expenditure to ensure that you will not run out of money.

It is a thing of professional joy when I see that my client(s) can enjoy their social life and not have to worry about running out of money, it is hard to put a value on it.

So, being able to sit down and do retirement planning, I think, gives you the benefit of peace of mind, and then the other advantage, of course, is that you do not run out of money.

I have been doing retirement planning for 18 years, and the first designation that I got was the Certified Senior Advisor designation.

Fortunately, so far, I have not had a client run out of money, and I have had clients pass away.

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