When it comes to retirement planning, there are four variables any couple needs to evaluate prior to turning in the notice. These variables include:

1) projected income needed

2) current savings

3) projected rate of return and

4) time before withdrawing assets.

In other words, how much are you going to live off of, how much do you currently have saved, what do you need to earn off that savings and when do you need it? Let’s not make retirement planning more complicated. Take some time to evaluate these variables.

You can find many tools online to help you answer these questions or you can seek out the advice of a financial planner. If you do seek out the advice of a financial planner, please make sure that planner is held to a Fiduciary Standard of Care. It is your financial future. Take time to make a plan to reach your financial goals.

As an aside, I have seen the video below make its way around social media this week. It is worth a watch (warning there is some explicit language). It addresses several areas you need to be aware of when seeking out the advice of a financial planner. The one I want to illustrate the most is fees. You could say fees are a fifth variable to retirement planning. The more you pay for advice, management fees, transaction fees, and expense ratio fees the less you have working for yourself.

Happy retirement planning!