Retirement Planning

For many of our clients, retirement is a major goal. Retirement can mean many different things to different people; however, retirement today is more than just accumulating enough money to live after you stop working. Increasing life expectancy has made retirement an extended stage of life. People can expect to spend as much as 35 years in retirement. Most of us know that we should actively plan for and save towards retirement, but are not sure when or exactly how to start planning for a life after work.

At McCormack Financial Planning, we will help you plan for a secure retirement. As a result of our deeper emotional connection with our clients, we can help you answer questions such as

  • When should you begin to plan for retirement?
  • When should you retire?
  • What kind of lifestyle do you want to achieve?
  • How will your retirement goals impact your savings plans?
  • What are your priorities and what are you willing to do to achieve them?

Once we have the clear picture of the retirement you envision, we will help you take control of your retirement plans by focusing on your personal savings, investments, use tax strategies and explore all of your options. We will

  • determine retirement income needs.
  • assess the gap between guaranteed sources of retirement income and your spending needs.
  • prioritize retirement savings and investing strategies to fill the gap.
  • review which savings methods are most tax-efficient for your situation.
  • calculate if you’re on track for your retirement goals.
  • create a plan flexible enough to accommodate future uncertainty.

 

Retirement planning doesn’t end once you retire. Like any financial plan, it requires periodic adjustments. At McCormack Financial Planning, we will consider many variables, such as other sources of income (Social Security and Pensions), market returns, inflation, existing debt and cash needs, and the current value of your portfolio to ensure that you are making strategic withdrawals to support your retirement lifestyle.