Retirement planning is not something you can forecast and then reconstructed when financial assumptions fail.  Unfortunately, many people often underestimate the amount of money needed in retirement. As a result, many retirees are forced to adjust their lifestyle to meet budgetary constraints. To avert these unwanted lifestyle changes in retirement; here are a few practices to consider (provided by our Best Financial Advisors):

• Try to save at least 10-15% of annual income. 
• Prepare to spend 70-80% of pre-retirement income during retirement.
• Working part-time, during retirement, to supplement living expenses.
• Recognize all income sources (Savings, Social Security, Retirement Plan Accounts, and Business Income) when calculating financial assumptions.
• Reduce household expenses as much as possible before retirement.

 
Often these items are overlooked since most investors have not established a comprehensive financial plan.

Using the services of a qualified financial advisor (to help you identify the strengths and weaknesses in your financial picture) will ensure you can retire comfortably too!

NOTE: Experts recommend contacting 2-3 financial advisory firms, so that one may compare/contrast each firm, thus making the best-qualified choice.

Tags: comprehensive financial plan, financial advisor, Financial Advisors, Financial Planning, Retirement Planning

This entry was posted on Tuesday, August 18th, 2009 at 7:32 am and is filed under Financial Advisors, Financial Planning, Retirement Planning. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.