In terms of retirement, much has changed over the last two years. Baby Boomers have arrived in force…and…the economic landscape has dramatically shifted across the board.
Government budgets, at all levels, are under stress with major implications for the social safety net. Certain economic and market assumptions are neither as predictable nor dependable as previously believed. Oh yes…let’s not overlook health care and its implications for retirement.
The bottom line is this: retirement still beckons with all of its promises! However, caution and careful analysis are more important than ever. It may be extremely difficult to unwind your decision a year or two from now if you make a mistake.
The best solution is to seek out a wealth management professional experienced in all facets of planning for retirement. In addition to running those all-important income and growth projections, this individual will assist you by identifying possible gaps or deficiencies in your retirement budget…and…help ensure that you properly manage your health care and long-term disability risks.
Without question, financial considerations must be paramount in your retirement planning decision. That said, it’s important to remember that we give up certain non-financial benefits when we retire. We lose our station or position in life, part of what defines us. We also lose one of our primary life purposes, structure in our daily routine, and an enormous component of our social lives. An experienced advisor will be able to guide you through these considerations as well.
There’s a very simple lesson here: Hope for the best, but plan for the worst! When it comes to retirement, truer words were never spoken.
Yes, retirement is exactly what the doctor ordered for most people, but make sure that you’ve considered every possibility.