Marc Linsky of Estreet Financial Discusses How to Plan for Retirement (in Uncertain Times)
1) Know Your Finances
It's important to know the state of your finances. Are you on track to meet your retirement goals? Could you cut back on spending to increase your retirement savings? Do you need to decrease your retirement savings to handle your current financial situation? Take some time to see how your current cash flow and retirement goals are faring, and consider any needed changes.
2) Plan For A Longer Retirement
Marc Linsky recommends planning for a longer retirement. Seniors are living longer lives than they have in the past, due to medical advances and healthier lifestyles. Your life, and retirement, may last longer than you expect. No one wants their retirement funds to run out later in life, so it's important to plan carefully. The Social Security Administration expects 25% of retirees to live to age ninety, but the average retiree only plans for a 20-year retirement. This leaves a one in four chance of a large gap between the length you planned for and your lifespan.
3) Consider Retiring Later
In an uncertain climate, you may want to work a few more years to build more retirement savings. Fewer seniors are choosing early retirement, often with a desire to meet their retirement goals. It's estimated that by 2026, 60% of seniors will work until age 65.
4) Calculate Retirement Income
Marc Linsky and Estreet Financial know how important it is to have a full picture of your retirement income. This should take into account pension, social security, your savings and investments, any other sources of income, and any taxes that will be owed. You should also take into consideration what your income needs will be in retirement. If your financial needs don't match your expected income, then you should make some adjustments.
5) Evaluate and Reevaluate Risk Tolerance
Risk tolerance will change over time. You will likely have more risk tolerance at 30 than at 60. The uncertainty of financial markets will play a factor as well. Do you take a big chance in hopes of a big reward, or play it safe? Marc Linsky specializes in advice about these situations, but it's ultimately up to you to determine the level of risk that's acceptable to you.
About Marc Linsky CFP
Marc Linsky Estreet Financial President holds the CFP certification, which is considered the standard of excellence for financial planners. Estreet Financial specializes in retirement and financial planning, particularly for medical professionals. Marc Linsky has worked in the financial planning industry since 1986, and upholds the highest standards of integrity.
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