RETIREMENT PLANNING QUIZ
AND GUIDE

WHAT IS RETIREMENT PLANNING?

Retirement planning is more than your savings, a social security paycheque or a 401(k) account. Retirement planning balances your timing and goals with resources, strategies, and optimization reviews. It gets complex quickly.

SIMPLE RETIREMENT PLANNING QUIZ & SCORECARD

Are you still on track for a successful retirement despite the impending recession? Take the Retirement Readiness Quiz to find out if you’ve checked all the retirement planning boxes. We’ll send your Retirement Score Card so you can see exactly how ready for retirement you actually are. Take the free 1-minute quiz below.

Retirement planning will help answer many of your questions based on your goals, objectives, and the things you can control. Identifying your resources, like expenses, liabilities, and assets, is a significant first step.

Strategies are impacted by the stage of retirement, income tax savings, and risk management, including longevity and health care, investments, inflation, and market and economic events. Accounting for stages, taxes, and risk help predict how much spending income you will have/need in each stage of retirement; Early (ages 60-74), Mid (ages 75-84), and Late (ages 85+). These components are intertwined with each retirement stage and the retirement paycheck.

Annual optimization reviews open communications to address any impactful changes, opportunities, and builds-in flexibility.

When can you retire?

To answer when is the right time to retire depends on you. It is determined by your goals and objectives, your current age, your ideal retirement age, and your resources. Through retirement planning, the details in the strategies and optimization will unfold to paint a clear picture for your retirement stages.

RETIREMENT PLANNING GOALS

Potential retirement goals could be living to a certain age with a spending budget. It could be ensuring that your medical expenses will be covered if you come upon health issues. It could be to have two residences to have the ability to visit grandchildren or a warm location on a whim. Retirement goals are focused on what is important to you and basing the financial objectives to ensure that the plan is realistic, if not ideal.

Benefits of Retirement Planning

The benefit of retirement planning is the relief. Once you have a plan, you can see it, and it covers your main goals for retirement; you will be relieved. You know what the future holds based on what you can control, and risk management is baked into the plan for what we cannot control. It won’t weigh on your shoulders. You know your path and the hard work is done. Time to shift into staying the course.

STEP-BY-STEP RETIREMENT PLANNING PROCESS

1. FIT – Discuss your goals, objectives, and your resources. Learn about retirement strategies, including the stages, income tax
savings, risk management, and other opportunities.

2. Get Organized – Pull your documents and schedule a meeting.

3. Review – Retirement plan presented, discussed, and modified.

4. Delivered – The plan is delivered.

5. Optimize – Review and optimize annually.

LifeWealth™ Process

STAGES OF RETIREMENT PLANNING

  • Accumulation

  • Retirement

  • Gifting

There are three stages of retirement; accumulation, retirement, and gifting. Within each of these stages, there are moments when having a plan can benefit with significant savings. Timing everything right and knowing what to take out when can have a serious impact on what you have accumulated. Watch each 2-6 minute segment or the full 12-minute video to understand more about the three planning stages of retirement and the things to know in each stage.

STEPS TO TAKE 5 YEARS BEFORE YOU RETIRE

Take these steps five years
before you retire:

1. Review your goals, objectives, and resources, including your
expenses, liabilities, and assets.
2. Determine if you are saving enough annually and if your
investment allocations are appropriate for your goals.
3. Learn if you are eligible to invest more through an IRA.
4. If you are self-employed, learn about your retirement plan
options.

 

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DO YOU HAVE A PLAN FOR INCOME REPLACEMENT WHEN YOU ARE NO LONGER WORKING?

How do you even determine how much you will need and how long it will last? Debunking Six Retirement Myths: Age, Plans, Limits, Spending, Long-term Care, and Process highlights key factors to consider when planning for retirement. Get this informational guide to help you get on the right track to get a plan in place. You will be relieved when you know your plan.

Download Your FREE Copy of Debunking Six Retirement Myths

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