Importance of Planning for Retirement

Personal planning is important because it is the determining factor of your satisfaction with your retirement lifestyle.

All too often people entering retirement do not place enough emphasis on personal planning to ensure they maximize their opportunities. So take the time now -- at an early stage in your planning process -- to think about the choices you have about how you would like to spend your time during retirement.

Do you want to volunteer at a local hospital? Take up that hobby you were always interested in, but never had the time to start? Go back to school and pick up a few special interest courses? Start your own business? Travel around the world? Buy property in a warmer climate and spend the winter months there?

These, and many other lifestyle questions based on your preferences, are all important factors to consider when planning your retirement since your choices will drive the financial circumstances that must be meet in order to achieve your goals.

1. Identify & compare your income and expenses to determine any shortfalls or surpluses.
2. Review & analyze the various retirement income strategies.
3. Review & compare the retirement income options available.
4. Develop an action plan.