As you approach retirement, your attention is shifted from the accumulation of assets to discussing ways in which those assets can be converted into a stream of income to last throughout your lifetime. Retirement planning is all about managing risk: inflation, market, and/or longevity risks. As distribution specialists, our focus is on efficient, lower cost investments geared toward risk sharing, security of principal and plan reliability.
Determining your retirement income needs is a process that helps you identify your retirement planning needs based on your desired standard of living and the resources you’ll have available. Today, you can typically no longer rely on Social Security benefits and a company pension check to fulfill all your retirement income needs. Social Security benefits will probably satisfy only a fraction of your overall retirement income needs, and generous company pensions have largely been replaced in many cases with employer-sponsored retirement plans that are funded largely with employee dollars.
A successful and rewarding retirement requires you to plan ahead in order to help ensure that you have sufficient retirement income to last you for your entire retirement. Determining your retirement income needs requires a discussion of the various stages of retirement planning, including preretirement, the transition into retirement, and retirement.
Women have unique financial needs. Statistics say that 85% or more will be on their own financially at some time. Some women never marry, some divorce and some will outlive their husbands. Information and knowledge are powerful, but money and health provide choices in life. Therefore women, as well as men, need to learn about the financial planning process in order to make wise and informed decisions.
Linda J Black
Investment Advisory Representative
Securities and investment Advisory services offered through LifeMark Securities Corp.
400 West Metro Financial Center
Rochester, New York 14623
Linda Black ChFC, GFS, RICP
604 South King Street
Leesburg, VA 20175