Retirement and Retirement Income Planning
It is sometimes said that all financial decisions are ultimately retirement decisions. Buying a vacation home now, putting your children through college, how much you save and spend...all affect when you can retire and the quality of your retirement.
That’s why at Rockwood Wealth Management we believe retirement planning should be the cornerstone of almost every wealth plan. We want to make sure that you are able to maintain a comfortable lifestyle across what could be thirty or more years in retirement.
While there is a widespread focus on building assets for retirement, the most important part of your retirement plan is the income you receive from those assets. This is the income that will replace your paycheck and fund your retirement goals and dreams.
That’s why we plan around your needs, wants and wishes to develop a strategy that can help maximize your retirement goals and income— while making sure this income can support a long, comfortable retirement.
- We begin the retirement planning process by making sure you cover your minimum retirement needs, adjusted for inflation over time. This includes items such as groceries, mortgage, transportation costs and especially healthcare. These costs are static and not subject to adjustments.
- Next, we determine your wants. These are the items you want to do but are willing to adjust to make the plan work. For instance, you may wish to spend $10,000 a year in travel but be willing to reduce this to $6,000 annually to maintain your retirement lifestyle work or perhaps retire a few years earlier.
- Finally, we work to include your wishes in your plan. These are items that would be nice to have, but that you would be willing to forgo if they meant undue sacrifices during your retirement years. Some of your wishes may include paying for grandchildren’s college education or leaving money to heirs or charity.
To take control of your financial future today, contact a professional at Rockwood Wealth Management today.
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