Retirement Planning

With company pension plans becoming less prominent and shortfalls in Social Security more likely, planning for your retirement is now more important than ever. The fear of outliving one's retirement savings can be daunting due to longer life expectancies and a continuous rise in the cost of living. However, living the retirement you've always dreamed about can be a reality. But, it takes is proper planning.

When planning for your senior years, the first thing to think about is what kind of lifestyle you would like to have. Some experts estimate that annual retirement needs could range anywhere from 70% to 100% of your current income.

Once you have established the amount you'll need to live on during your retirement years, you can review your current savings and retirement benefits, including funds from company retirement plans and Social Security. You'll also want to review your assets and liabilities and determine how much debt you'll still have at retirement. After you've estimated what it would cost you to retire today, factor in the cost of inflation in order to give you a better idea of how much retirement funds you'll actually need.

Planning for retirement as early as possible may be the key to accumulating the funds you'll need to realize your goals. An investment professional can help you determine an investment strategy that will help you pursue the retirement you've always wanted. 

Dale Lewis is Vice President/Investments with Stifel, Nicolaus & Company, Incorporated, member SIPC and New York Stock Exchange, and can be contacted in the Phoenix, Arizona office at (602) 952-2500. 

The content of this email is not legal advice and is intended solely as a general briefing of news that may be relevant to dental practices. Should a more detailed analysis, or specific advice, be required, please contact a qualified attorney.