Retirement Planning - A Key Component of Future Financial Success
 

When Planning a vacation, you try to make sure that all the necessary arrangements have been made and the itinerary is set long before you leave for your dream destination.  To help ensure that you thoroughly enjoy your hard earned vacation, you've probably worked with a travel professional or service to design a trip that is geared toward your specific tatses and travel desires.  Once you've taken off and your trip has begun, you don't want to worry about anything except enjoying yourself and the beautiful surroundings.  Very often, it's the planning and preparation that determines the success or failure or a great vacation.
 

In many ways, retirement planning for a secure financial future is similar to planning for a great vacation.  Havinga prudent, well-thought-out plan will be a key contibutor to the success of the journey.  However, the choices for a long-term retirement strategy are far more complex and consequential than those faced planning a dream vacation.  To build a successful retirement plan, most likely you'll need the assistance of a financial professional - - someone who has the knowledge and experience to help guide key decisions you'll be making as you map out a plan for your future financial success.
 

Most retirement planning approaches have certain key components or phases which, when joined together, help create an overall financial strategy.  First there is the initiation or discovery stage.  Here the focus is on creating a list of primary financial concerns and priorities.  The financial representative's role at this stage will be to ask the right questions and to keep the process focused on long-term goals.
 

Second is the financial inventory or profile phase.  At this time, you'll examine current assets, debts and income to help formulate a complete picture of your current financial situation.  During this process, you'll also need to determine future objectives, goals and dreams and try to anticipate future events and contingencies so they can be incorporated into your overall financial blueprint.
 

Third, everything you learned in steps one and two are combined to create a comprehensive retirement strategy.  It is at this point in the process that the guidance of a financial professional is most important.  Their knowledge and experience can help you understand and incorporate the vehicles which are most appropriate for your specific set of goals and objectives.
 

The fourth phase in the process usually includes reviewing and confirming your choices.  You'll analyze the plan one last time to fine tune each of the key elements.  This will help ensure that they fit into your overall strategy.  At this stage you'll also begin to implement the key components of your plan, for example, by purchasing an investment or establishing a trust.
 

Finally, and often most importantly, you'll need to continuously monitor and review your progress to ensure that you're staying on financial track.  Over the long-term and as your circumstances change, you'll need to adjust and refine your retirement plan to reflect shifts in your objectives.
 

Like the gratifying feeling you get at the end of a well-planned vacation, a comprehensive retirement plan can help give you  peace of mind.
 

Back to Top

PBCRC is a not for profit 501(c)(3) organization funded in part by the MacArthur Foundation.

"Creating Access To Economic Opportunities"