Retirement Plan Participants Guess at Savings Goals

This article, by Danielle Andrus at AdvisorOne, talks about the large percentage of retirees who guess at how much they need to retire. These numbers about how many people are guessing are scary!

There is no need to guess. There are easy and rational ways to answer the questions when can you retire and how much you need beyond Social Security (and a pension if you have one).

It is like flying a plane. Flying a plane takes a bit of constant training so pilots are skilled at flying, and can get you to your destination even in bad weather. There are hobby pilots who fly small airplanes and there are professionals who fly for the airlines.

Similarly, managing your money for retirement is a skill a competent adviser should have. There are many hobby advisers who simply sell investments, and there are a few professionals who are skilled and competent managing money during retirement. How do you tell them apart? My article series* at Morningstar and AdviceIQ talks about how to easily decide what you need to save up for retirement (and how to live on those savings during retirement).

*At the end of the AdviceIQ article you will find links to the other 4 articles in the retirement planning series.

 

About Larry Frank, Sr.

Larry R Frank Sr., MBA, CFP®, is an experienced financial advisor and a published author on Retirement Planning Research. Have a financial question? Click Here to Ask Larry

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