{"id":6147,"date":"2015-07-08T06:26:57","date_gmt":"2015-07-08T13:26:57","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=6147"},"modified":"2015-07-08T06:26:57","modified_gmt":"2015-07-08T13:26:57","slug":"hey-boomers-imagine-retirement","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/hey-boomers-imagine-retirement\/","title":{"rendered":"Hey Boomers, Can You Imagine Retirement?"},"content":{"rendered":"

Most Americans CAN imagine retirement! Days at the beach, fishing, travel, shopping, visiting the family or rocking in the hammock in the backyard.\u00a0\u00a0 But for most Americans that is where it begins and ends, in the \u2018imagination\u2019.<\/p>\n

The fact is that most Americans do NOT have a Retirement Plan<\/a><\/span><\/strong>.\u00a0 You may have seen the commercial on TV that asks the question; \u2018what is YOUR number?\u2019\u00a0 Most Americans couldn\u2019t tell you what THEIR number is!\u00a0 That number represents the assets that are needed to sustain a successful Retirement Plan.<\/p>\n

What is a successful plan?\u00a0 For many it\u2019s when their money outlives them and not where they outlive their money!<\/a><\/span><\/strong>\u00a0 A successful plan requires taking stock of what you REALLY need in order to be happy in Retirement.<\/p>\n

Most are content with just imagining but very few are willing to do the sometimes uncomfortable self-examination necessary to pull it all together and Plan IT!<\/p>\n

The first painful step is to consider your expenses in a \u2018post-retirement\u2019 world.\u00a0 To do this you have to enter the Virtual Retirement time machine!\u00a0 No, really, you have to project out what your expenses will be in the future.\u00a0 And, you have to go Back to the Future yearly to continue to look forward into the future and IMAGINE what your future world is going to be like.<\/p>\n

Hey, this stuff is fun!\u00a0 Right?\u00a0 Well, for most Americans it doesn\u2019t seem so.<\/strong><\/em><\/p>\n

In order to look into the future to figure out what your needs will be you first must write down EVERYTHING you spend money on today.\u00a0 You have to know where you are now<\/u> in order to know where you are going!<\/p>\n

With that all down on paper you do a second list and this time strip out all the expenses you will no longer have at retirement.\u00a0 This can be paid loans, lower taxes if you plan to move, lower household bills if the children are on their own, etc.\u00a0 Now, what would that look like in today\u2019s dollars?<\/p>\n

Next project those expenses out to the age you will retire using an inflation rate you are comfortable with.\u00a0 Let\u2019s say 3%.\u00a0 Now you will have an expected income need at this future date to cover those expenses.\u00a0 Continue to look at this yearly so that you can be as realistic with these expenses as possible based on what things cost and making sure you still feel the same way about how you will live your life in retirement.<\/p>\n

In other words, Get out of Your Dreams and Into your Plan!\u00a0 So, now that you have the basis of a goal or a need, you will need to work on projections of your assets and savings and sustainable withdrawal rates at retirement.<\/p>\n

To do this it would be best to sit down with a financial planning professional<\/a><\/span><\/strong> who can guide you on how to make those projections.\u00a0 You will need to determine accumulation rates, withdrawal rates and sustainability and probabilities of outcomes.\u00a0 Also, you will need to know how to best utilize Social Security and pensions.\u00a0 Social Security can be very complicated and there are many options that can have a major impact on your lifetime benefits.\u00a0 Most importantly, you will want to see how to avoid running out of money!<\/p>\n

Look, if you were lost in the Amazon Jungle would you want to read a book to get you out or an experienced Jungle Guide?\u00a0 At the end of the day, or end of retirement, it\u2019s the well prepared that will have the most chance at success and survival.<\/p>\n

Hey, it\u2019s a Jungle out there but you can DO IT!<\/strong><\/em><\/p>\n

Now turn Imagination into Action and make sure you Plan it<\/u> so you can Live it<\/u>!<\/p>\n

Registered Representative offering securities and advisory services through Cetera Advisors LLC, member FINRA\/SIPC.\u00a0 Some advisory services also offered through Rockdale Financial Services, Inc., a Registered Investment Advisor.\u00a0 Cetera is under separate ownership from any other named entity.<\/em><\/p>\n

To learn more about Guy Paredes, view his<\/strong> Paladin Registry profile<\/a><\/span><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Most Americans CAN imagine retirement! Days at the beach, fishing, travel, shopping, visiting the family or rocking in the hammock in the backyard.\u00a0\u00a0 But for most Americans that is where it begins and ends, in the \u2018imagination\u2019. The fact is that most Americans do NOT have a Retirement Plan.\u00a0 You may have seen the commercial on TV that asks the question; \u2018what is YOUR number?\u2019\u00a0 Most Americans couldn\u2019t tell you<\/p>\n","protected":false},"author":70,"featured_media":6152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-6147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"yoast_head":"\nHey Boomers, Can You Imagine Retirement?<\/title>\n<meta name=\"description\" content=\"Most Americans CAN imagine retirement! 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