Much of what we do at Perspective Financial Services is help our clients with retirement planning. But what does that mean and how do we assist our clients?
The most common initial area of engagement is investments. We help you build and maintain investment portfolios for your retirement nest egg. This facet includes determining the proper mix of cash, stocks and bonds that will help you reach your retirement goals. An Investment Policy Statement (IPS) stating your goals and investment strategy is an important part of retirement planning.
Another facet of retirement planning includes determining living expenses both pre- and post-retirement. Getting a handle on what your current cash-flow needs are plays a big role in trying to determine what your cash-flow needs will be in retirement. In addition to spending needs, we look at your current savings needs. Are you saving enough for retirement? If not, how much more do you need to be saving?
Essentially, what is the amount of money you need to have saved up to walk away from your current job? That’s the million-dollar question!
How you are investing, what you are saving and what you are spending are all critical facets that go into determining the answer to the million-dollar question. Other resources that may also need to be evaluated include social security benefits, pensions, stock options, royalties and rental properties, as well as the tax implications of all of the above.
Retirement planning certainly does involve prudent investment management. Yet, as you can see, there are many other facets that come into play with retirement planning, too. At Perspective Financial Services, we view the planning process as a long-term partnership in which we have the opportunity to help guide you to make sound financial decisions for yourself and your family.