Carstens Financial Group
  • Home
  • About Us
    • Pro-Am
  • Services
    • Retirement Income Strategies
    • Tax-Efficient Solutions
    • Investment Planning
    • Long-Term Care
    • Estate Preservation
    • Securities
  • Resources
  • Blog
  • Contact

Blog

3 Steps to Creating Your Retirement Plan

9/5/2017

0 Comments

 
Picture
​Worried about your ability to afford retirement? You’re not alone. According to Gallup’s 2017 survey on Americans’ financial worries, 54 percent of those surveyed said they were concerned about not having enough money for retirement. That number is large enough to make retirement America’s No. 1 financial concern.1
 
Much of the stress surrounding retirement comes from the unknown. There are many variables and factors in retirement that are impossible to predict. You can’t know how long you will live or how long your retirement might last. You can’t know in advance what kind of health issues you may face. And it’s impossible to predict how economic factors could impact your retirement.
However, you can create a detailed retirement plan to prepare for all these possibilities and much more. A written retirement plan will help you identify possible threats and implement strategies to minimize the risk. The more detailed your plan is, the less uncertainty and worry you may experience.
 
How do you create a detailed retirement plan? One effective approach is to ask yourself some important questions about your dream retirement. Below are three questions to help you better understand your retirement goals, needs and risks so you can create a detailed plan:

What do you want in retirement?
Any plan has to start with the result in mind. After all, you wouldn’t plan a road trip without first deciding on a destination. The same is true of your retirement. Before you can develop a strategy and road map, you have to decide where you want to end up.
 
Take time to think about your ideal retirement. Maybe even write down your plans. Do you want to travel or live part of the year in another location? Would you like to pursue a favorite hobby, like golf or gardening? Do you want to simply relax and spend time with family? Write down everything that comes to mind, and focus on brainstorming what you actually want to experience in retirement.

How much will your retirement plans cost?
After you’ve documented your goals and dreams for retirement, it’s time to start estimating the cost of your ideal lifestyle. Create a projected budget that breaks down expenses into specific categories. Some costs, like housing, utilities and debt payments, will be fixed. Others, such as travel and dining out, may be discretionary.
 
You may not know the exact costs you’ll face in retirement, but you can probably make a fairly educated estimate on most items. Be sure to include out-of-pocket medical costs, as Medicare likely won’t cover every form of care and treatment. Also, don’t forget about inflation. Your costs in all areas will likely increase as you get older.

Which goals are most important?
After you create your retirement wish list and estimate your cost of living, you may find that there’s not enough money available for everything. If that’s the case, you may need to re-examine your goals and make some decisions about which are most important.
 
For example, you could look at your travel goals and find areas to cut back. Perhaps you could downsize to a smaller, more affordable home and take advantage of lower costs for things like utilities, maintenance, insurance and more. You may even consider pushing back your retirement age, which would eliminate some retirement years that you would need to fund with savings.
 
Ready to develop your detailed retirement plan? Let’s talk about it. Contact us today at Carstens Financial Group. We can help you ask the right questions and implement a retirement planning strategy. Let’s connect soon and start the conversation.
 
1http://www.gallup.com/poll/210890/americans-financial-anxieties-ease-2017.aspx


Licensed Insurance Professional. This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation. By providing your information, you give consent to be contacted about the possible sale of an insurance or annuity product. This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.
16925 - 2017/8/25

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Kirt Carstens

    Carstens Financial Group focuses on providing comprehensive asset management, estate planning and life insurance solutions. Allow us to help you secure your financial future.

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014

    Categories

    All
    2020
    CARES Act
    COVID
    Economic Update
    Election
    Employer Plans
    Estate Planning
    Fed Chairman
    Financial Planning
    Fourth Quarter
    FRA
    Full Retirement Age
    Funding
    GDP
    Health Care
    Health Savings Account
    HSA
    Income
    Inflation
    Insurance
    Managing Medical Expenses
    Medicare
    Planning
    Portfolio
    Retirement
    Retirement Home
    Retirement Planning
    Retirement Strategy
    Risk
    Risk Tolerance
    Say Yes
    Social Security
    Stimulus
    Stock Market
    Supplemental Retirement Income
    Tax Planning
    The Market
    Working In Retirement
    Working Part Time
    Yes

    RSS Feed

Kirt Carstens, CLU, ChFC
Investment Advisor Representative
P: (712) 332-5960
F: (712) 332-5391

605 Hwy 71 S
Arnolds Park, IA 51331
Get Directions

Home     About Us     Services     Resources     Blog     Contact

This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation.

Securities and Advisory Services offered through CreativeOne Securities, LLC Member FINRA/SIPC and an Investment Advisor.  Carstens Financial Group and CreativeOne Securities, LLC are not affiliated.
​
This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional.  The statements and opinions expressed are those of the author and are subject to change at any time.  All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only.  It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 

Check the background of an investment professional.  |  Privacy Policy
  • Home
  • About Us
    • Pro-Am
  • Services
    • Retirement Income Strategies
    • Tax-Efficient Solutions
    • Investment Planning
    • Long-Term Care
    • Estate Preservation
    • Securities
  • Resources
  • Blog
  • Contact