There are 6 essential steps to account for when planning for retirement.
Step 1: Have a Plan
Step 3: Consider a Hybrid Retirement
Step 6: Plan For Long Term Medical Costs
The most important step and the one that I will be covering here is Step 1: Have a Plan.
According to the 2009 Hartford Life Insurance Company’s “The Hartford Investments and Retirement Survey.”
- Those who planned for retirement were three times more likely to be confident that they will have sufficient income in retirement as compared to those who have not planned. Nearly one-third (31.5 percent) of those who had planned said they were “very” or “extremely” confident of having sufficient income for retirement as compared to 10 percent for those who had not planned.
- Nearly three in five planners (57.7 percent) said they were on target to retire as planned compared with 38.7 percent of those who did not take planning steps.
- Those who described themselves as planners were three times more likely to rely on an independent financial expert for credible financial advice than those who said they did no planning.
- Few people are confident in their financial planning capabilities.
- In 2009, 82.7 percent of survey respondents said they were less than confident in their financial planning knowledge and abilities, with 34.2 percent indicating they were “not too” or “not at all” confident.
- Retirement and or financial planning are viewed as too complex or too difficult by one in two Americans (50 percent).
- Nearly one in five (18.4 percent) planners said their investment earnings had increased as compared to 4.8 percent of non-planners.
You can read the full Hartford Investments and Retirement Survey here.
If you would like to begin your planning process or have your current plan reviewed contact us.