Caruso and Company, PA | Retirement Planning
Retirement planning is an integral part of your overall financial plan. Strategies should be designed to suit your goals and comfort level as well as to take advantage of tax saving opportunities. For any plan to be effective, it is necessary to implement these strategies and to review your goals and progress periodically.
The amount you will need in retirement depends on the age you plan to retire, your desired retirement lifestyle, how long you expect to live and the rate of return you expect to earn on your investments. Social Security and employer-sponsored pension plans may possibly provide a smaller percentage of what you will need than they did for your parents. The most important aspect of projecting your future needs is estimating how much you will have to save each year to produce the income you need to maintain your standard of living after you stop working. If you are already retired, planning is critical to insure you do not outlive your money.
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