Life Goes On After Retirement: Build Your Game Plan Early
Pennsylvania CPA Journal › Vol. 75 Nbr. 4, January 2005
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Summary
Medical advances and healthier lifestyles are giving retirees extra decades to enjoy life, but without employment income. This longer time horizon necessitates active retirement planning, ideally starting in one's 30s. The planning should include annual strategic reviews to help ensure that goals are being met and that asset allocations continue to be appropriate for current risk tolerance and projected time horizon. To encourage retirement saving through employer-sponsored plans, Congress has developed so many plan types and designs that it is inexcusable that only 64% of employees at companies with more than 100 employees are covered by a retirement plan. Employees that are over 50 have a unique opportunity to make additional "catch up" contributions of $3,000 over and above the normal limits for 2004. Retirement planning is not, and should not, be limited to only employer-sponsored plans. Another path to consider is nonqualified options.
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Life Goes On After Retirement: Build Your Game Plan Early
Retirement planning has always been a challenging task, but it is even more so today. The coming generations of retirees face a complicated planning process because funds need to last far longer than in the past. Medical advances and healthier lifestyles are giving retirees extra decades to enjoy life, but without employment income. Therefore, planning needs to begin much ear lier to help ensure a secure and rewarding retirement for our clients.
Historically, "retirement" has been the very short period of time between the end of work and death. As early as the 1920s, some pioneering companies and states began providing retirement plans for employees and ...See the full content of this document
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