Target age: 40-65 years for a retirement goal of 65 years of age.

Tips for success:

Set goals and then annually test and adjust your plan. Your Written Financial Plan should be reviewed at least once a year to make sure you’re on track for your retirement goals and to review and, if necessary, adjust your risk strategy. Your individual risk strategy should support your expected budget needs as you approach retirement. Your investment risk profile should balance guaranteed income sources with a diversified portfolio of investments to support whatever lifestyle you choose – partial retirement or full retirement. An annually updated plan should provide a testing process to make sure you’re on track.


Additional considerations:

  • Continue to maximize contributions of “tax advantaged” savings programs such as 401Ks, IRAs and 403Bs. Fund your 401K/IRA/403B or alternate retirement plan (including any match) by at least 10% every year.
  • As time progresses your individual life insurance needs will significantly decrease in most cases.
  • Consider Long Term Care Insurance. 70% of us will need 3 years or more of long term or skilled nursing care at a cost of approximately $300/day (increasing with inflation at approximately 3% per year). Individuals with $250,000 to $2,000,000 in assets are ideal candidates for Long Term Care Insurance as their assets will be most at risk from the cost of care.
  • A diversified portfolio of investments with a low correlation to each other to help keep risk lower. You should also take advantage of compounding by reinvesting dividends and interest.
  • Be sure to develop a time frame and strategy to prepare for retirement.

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