Establishing a retirement plan

Whether you are a few days or many years away from retirement, establishing a detailed retirement plan is necessary to ensure your retirement is financially secure.

Although you likely have spent much of your career making quick decisions, taking calculated business risks and making them pay off, failing to take time to establish a retirement plan could be devastating for you and your family.

The current environment

A larger percentage of the U.S. population is living until retirement age (commonly 65) compared with previous generations, and a larger percentage is living longer during retirement, as well. According to the Internal Revenue Service's Table 90CM, which lists recent life expectancy data, a 65-year-old member of a married couple is expected to live an additional 23.3 years, or almost to age 89. This is longer than previous generations' life expectancies by about five years and can place significant financial burdens on an already tight retirement budget.