November 16

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Financial Planning for Retirement is Important

By Mac McLean

November 16, 2020


Let me tell you why is financial planning for retirement is really important. Last year, the average household with retirement income reported earning $28,381 from a pension or a retirement savings plan like an Individual Retirement Account (IRA) or a 401(k). 

Think of that as being 28,381 reasons why financial planning for retirement is vitally important. Sign up for a retirement planning workshop from PlanningCommunity.com today so you can start working toward your goals.

Next Steps: Making an estate plan can be overwhelming. We recommend attending one of our educational events. This tool will find one in your area.

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 • Answer these few easy questions about your current situation.
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Here are a few more reasons why financial planning for retirement is vitally important:

  1. Retirement is expensive: Economists estimate you’ll need an income equal to 80% of your current salary — $80,000 if you currently earn $100,000 a year – if you want to enjoy your current standard of living when you retire. And, you’ll need to bring in this income without going to the job where you earned that salary because you’ll be retired.
  2. Social Security can’t do the job by itself: Social Security will keep you from living in abject poverty, but it won’t help you pay for the cruise you and your spouse planned for your 50th anniversary. The average social security recipient earned $19,872 – essentially, what someone earns when they work a full-time job that pays $9.55 an hour.
  3. There are no retirement loans: What one thing has cost you the most money on in your life? Your car? Your house? Your kid’s education? A comfortable retirement will cost you even more. And, unlike a car, a house, or an education, you can’t borrow money to pay for your retirement. You’ll need to have every cent ready to pay for your retirement ready the day you retire.
  4. Bills are due today: It would be great to deposit every cent we earned into a Roth IRA. But, no. Life isn’t that easy and we need to put gas in our car, plan our next vacation, and buy that three-bedroom Craftsman we’ll call home when we retire. Meeting with a professional to talk about financial planning for retirement is vitally important because it gives you a chance to balance your immediate financial needs with what you’ll need when you retire.
  5. There are many ways to save: Let’s face it, the Internet is a scary place full of often contradictory information about retirement planning. Meeting with a financial planner to discuss your future will help you figure out what you need for retirement, where your individual tolerance for risk lies, and what retirement planning strategy works the best for you.

Are you now convinced that financial planning for retirement is vitally important? Perfect. Now, it’s time to start this process by attending a retirement planning workshop from PlanningCommunity.com and meeting a financial planner in your area who can help you get started.

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