Are You Ready for Retirement

Are You Ready for Retirement

With summer here many of us are planning our summer get away. We take a lot of time to make sure that we get where we want to go and are able to enjoy the things we look forward to all year. We work hard all year and deserve to have a nice vacation. Planning is essential to being sure that our vacation is what we want it to be. Planning for your retirement is also very essential to insuring that you reach your goals and dreams in retirement. Unfortunately, many people never take the time to prepare for retirement. We can think of retirement as 20 to 30 years of unemployment. So we must have a plan to be sure that we can fund our dreams for retirement. Imagine for a moment that you are 70 years old. What do you want to be doing? Is it spending time with your grandchildren, family and friends? Is your dream to travel the world or to work at a favorite charity? Whatever your dreams may be you have to prepare all along the way for the journey. Unfortunately many people spend more time planning their yearly vacation than they do the journey to retirement.

Planning: The key to success.

In life, we pass through several phases, each with different requirements. For example, the financial needs of a young married couple are not the same as those of a retired couple. That is why continuous long term planning is essential. Typically, there are three basic financial steps most people take in life. These include:

1. Wealth Accumulation - the building of a solid, diversified financial foundation from which to expand over time. During this phase, allocation of money for a home, investments, life insurance and educational expenses is coordinated with tax planning strategies to ensure that current and future income is utilized effectively.

2. Wealth Conservation - the inclusion or a variety of investment strategies and further diversification, designed to preserve and grow assets to help ensure adequate funds for current living expenses and future retirement needs.

3. Wealth Distribution - the proper allocation of assets to heirs. Good estate planning should provide for the orderly transfer of assets while avoiding unnecessary tax burdens.

In addition to the complexities and changing priorities that occur over a lifetime, fluctuating economic conditions, taxes and inheritance laws also affect a financial plan. A qualified financial advisor has the expertise to thoughtfully design a plan with your circumstances in mind, helping you develop a plan for a long-term financial strategy for you to reach your individual goals and dreams. This material is not intended to replace the advice of a qualified attorney, tax adviser, investment professional, or insurance agent. Before making any financial commitment regarding the issues discussed here consult with the appropriate professional adviser.

John Dillard is an Christian Speaker/Author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/  and for his latest book Overcoming Life's 9/11's: Job's Journey visit http://www.john-dillard.com/