With the decline of private pension plans and worries about the future of social security, retirement planning is more important than ever. Many people make a commitment to save money in order to supplement Social Security and maintain our lifestyle when the time comes to retire. We also spend a great deal of time trying to figure out the best investment approach available.
Unfortunately, most people have no idea how much they actually need to save. A recent study in CNN Money showed that, of those saving for retirement, only 10% had assessed the amount they need to save. The general concensus is to put away 6% to 8% percent of earnings every year but this really does nothing to address each persons unique situation. We also tend to ignore the substantial effects inflation will have on future income.
We utilizes a software program called IMAX that provides clients with a picture of how much they need to save for a comfortable retirement. The program takes all current variable into consideration such as inflation rate, future social security payments and COLA increases, investment return, taxes, future living expenses, ect. in order to paint a picture of your savings needs. IMAX will provides a detailed report on your current situation and will show if adjustments are needed going forward. Using the program you can also see the effect that changes to current strategies will have on future results.
Please contact us if you would like to have a personal profile completed. There is no cost for this service and it will provide real, tangible information that can be used for current and future retirement planning.
A sample profile is attached here for review