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The “What-ifs” of Retirement – Plan Ahead!

12 January 2017

“What if . . .?” What if you started saving for retirement later in your working life? What if you don’t want to retire just yet, but would prefer a transition to part-time or consulting work? What if your professional and personal life keeps you too busy to manage and monitor your retirement investments? Call Rigby Financial Group to find out how changes in the retirement landscape may impact your individual financial situation, and how to plan to maximize your retirement income while maintaining a comfortable life for your family now.

1. The cost of retirement

• When Social Security set the retirement age at 65, average life expectancy was several years below that age. So, few people were expected to enjoy the years and decades of retirement we now look forward to.

• The societal shift from work representing hard physical labor for most to a service economy, as well as our increased life expectancy, has necessitated a corresponding shift from defined benefit plans (such as pensions) to defined contribution plans (such as 401(k)s), as the cost of providing pensions to those who may live 25 years or more after retirement is prohibitive to businesses.

• Recent studies confirm that between 1980 and 2016, the cost of producing $1 in safe retirement income has doubled. This is due both to increased life expectancy and consistently low interest rates in recent years.

2. What’s your strategy?

• Many people have no strategy in place for their retirement! Don’t be one of them.

• Are you contributing the maximum allowable amount to your retirement assets? If not, can you at least increase your contribution?

• At what age do you plan to retire?

• Why do you want to retire? What do you plan to do when you have done so?

• Do you know how much income your retirement plans will require?

• Do you want to get out of the 40-hour work week, but aren’t ready to retire? Would you prefer to work part time, or on a consultancy basis? Is this an option at your current workplace?

These are by no means all the questions that should be answered before you consider retirement – and trying to answer them can be daunting. Let Rigby Financial Group help!

Call us today – we can help you ensure that you have planned well in advance to gain the greatest benefit from your retirement assets, protecting your family’s future while maintaining a comfortable lifestyle. We believe strongly in helping our clients protect themselves and their families – but action starts with you! Call us at (504) 586-3050 to get started on your personalized financial planning strategy.

The above represents general advice. When it comes to retirement and financial planning, one size does not fit all. Rigby Financial Group provides highly individualized, specifically tailored, comprehensive holistic plans for individuals and businesses. Please contact us for advice and assistance in creating a specialized plan that suits your unique situation.

Disclaimer

The information presented here is not specific to any individual’s personal circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.