Technology is an amazing asset when it comes to planning. Available tools provide an understandable, accessible picture of what income looks like base upon the savings you are doing now and are planning to do.
Simplifying the process allows you to play “what if” with a myriad of scenarios. This process enables you to take a good look at what your paycheck will look like during your retirement years.
First, you take a close look at the expected budget during retirement. This includes a review of income sources like anticipated Social Security, pension, saving withdrawals and the like. Of course, any budget must include anticipated expenses. These might include property taxes, utilities, various insurance premiums, and out of pocket expenses. Don’t forget the “play money”. Travel and spoiling those grands is often a big part of the process.
Second, you’ll decide if you are comfortable with what the plan looks like. Whether or not you can do the things you want to do, when you want to do them is a driving factor in the planning process.
Third, the fun begins. After you’ve taken a close look at your current plan, then you can begin to consider what if any changes you may want to make.
Finally, you’ll measure your progress. Reviewing your plan on a periodic basis allows you to refocus if need be, any part of the plan. This process is relatively simple. Most every planner uses this process in some form or fashion. Often times, just getting started can be the toughest part.
Congratulations! You’ve gotten this far, now finish it! Schedule a Meeting today to get started.
