WHY RETIREMENT PLANNING MATTERS

^{By Louis Green, CFA®, CFP®, CRPS®}

Why Retirement Planning Matters

Retirement planning often feels like standing at the edge of an uncharted ocean. The idea of navigating financial security, investment choices, and lifestyle changes can be daunting. Whether you are already retired or approaching retirement, it is easy to feel overwhelmed by the sheer magnitude of what is needed for retirement.

You probably have one or more of the following questions: How much will I need to retire comfortably? Will I ever run out of money? Do I have enough money saved for emergencies? How should I manage my money? Should I use a wealth advisor? What will the tax bite be on my income in retirement? Do I need an estate plan?

These questions can be paralyzing. Defined contribution plans, which are employer-sponsored retirement plans that task employees with choosing their own investments, continue to be the dominant choice for employers.¹ The message is clear: we are responsible for our own retirement.

Number of Pension Plans by type of plan, 1975-2022¹

Retirement planning is not only about setting money aside; it is about ensuring that every aspect of your future is examined in detail so that you can enjoy retirement without worry.

While retirement planning might seem intimidating, having the right approach can make things easier for you. If you break down the process into manageable steps, you can transform retirement planning into a series of achievable goals.

According to a study by the United Nations, our average life expectancies will only continue to rise.² You should be deliberate about your activities and lifestyle in retirement because the odds are you will have a long life to live post-retirement.

United States Life Expectancy ²

Let’s Talk

Find out how Prestiq Wealth can help you create a comprehensive financial plan based on their book, 5 Steps To Retirement Planning.

LET'S TALK

All advisory services are offered through Savvy Advisors, Inc. (“Savvy Advisors”), an investment advisor registered with the Securities and Exchange Commission (“SEC”).

1 https://www.dol.gov/sites/dolgov/files/ebsa/pdf_files/private-pension-plan-bulletin-historical-tables-and-graphs.pdf

2 https://www.macrotrends.net/global-metrics/countries/CZE/uNITED-STATES/life-expectancy