Envision your future. The key to successful retirement planning is to implement a plan and review it often. What should your plan look like? How do you formulate a plan? First, realistically envision the lifestyle you want when you retire. Are you planning to travel, relocate geographically, downsize your home, or continue to work on a part-time basis? Evaluate your present situation . Next, it is important to review your present financial situation to determine the steps to get you where you want to be. Among other things, this involves calculating your current net worth (assets minus liabilities), organizing your expenses to determine spending patterns, and examining your existing retirement and other investments. Determine your financial needs. The next step involves identifying your financial and retirement needs. This will help you to navigate what can sometimes feel like the maze of retirement planning. Based on your vision of retirement, consider working with a professional such as the Hills Bank Trust and Wealth Management Group to determine how much money you will need to set aside and which investment and savings tools would work best for you.
Factors that should be considered include:
1. Income needed in retirement 2. Age you plan to retire 3. Estimated rate of return on your investments 4. Inflation 5. Taxes
The goal is to create a personalized plan you feel comfortable with that will help you maintain a lifestyle consistent with your retirement plan.
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