Two trends make retirement income planning more stressful and complex than ever before: life expectancy is rising, and retiring Baby Boomers want to sustain their lifestyles after they stop working, rather than making significant spending cuts. This means they'll need more income each year for a greater number of years than previous generations.
By Patrick Doherty, CFP®
In this two-part blog series, we will cover 15 key financial planning questions, developed by CERTIFIED FINANCIAL PLANNER™ professionals, that you can ask yourself to measure your current financial strength and stability. This blog post covers the first 7 questions, and the remaining 8 will be answered next week:
The most recent edition of our Quarterly Newsletter featured an article titled, "Aging and Your Financial Plan," where we discussed the good news/bad news future for retiring Baby Boomers.
The good news is that we're living longer!
Retirement planning may seem complicated, and in many ways it is. But demystifying retirement planning can make getting started a lot easier, and getting started is often the most important part.
Now that you have a fair idea of how your Social Security benefits are computed (see previous article) the question that is probably on your mind is when yo