Retirement Strategies

Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program and managing assets. Future cash flows are estimated to determine if the retirement income goal will be achieved.

In the simplest sense, retirement planning is the planning one does to be prepared for life after paid work ends, not just financially but in all aspects of life. The non-financial aspects include such lifestyle choices as how to spend time in retirement, where to live, when to completely quit working, etc. Our holistic approach to retirement planning considers all of these areas.

The emphasis one puts on retirement planning changes throughout different life stages. Early in a person’s working life, retirement planning is about setting aside enough money for retirement. During the middle of an individual’s career, one might include setting specific income or asset targets and taking the steps to achieve them. In the final few years leading up to retirement financial assets are more or less determined, and so the emphasis changes to non-financial, lifestyle aspects.

Most often, retirement planning involves depositing money into a retirement account, and purposefully saving money for the future. There are many different types of retirement plans available, including an Individual Retirement Account (IRA) and a 401(k) plan. In most cases, employees are provided with a retirement plan by their employer, and contributions to the plan are deducted from the employee’s paycheck. Some employers will match a certain percentage of an employee’s contributions, adding more money to their account. Most plans have different rules and guidelines, including details such as when the money can be withdrawn. At Haisman Wealth Management Inc., we will help you with those details.

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