Planning methods may be different for employees and executives than for business owners. And no matter whom you are, you will want to gain some familiarity with life insurance, the Social Security system, and with post-retirement health care insurance coverage, including Medicare and long-term care (LTC) insurance.
Traditionally retirement planning has included two distinct phases, accumulation and distribution, each having its own unique challenges.
The challenge for accumulators is to define and build an adequate nest egg. With the aging of the Baby Boom generation, the traditional concept of retirement is being redefined, and often includes a period of part time work. Many retirees will spend more years retired than they spent in the work force.
The challenge for retirees is to make that nest egg last forever, and to structure distributions appropriately. Retirement planning is different for everyone because we each have unique priorities, strengths, and weaknesses. Whatever your circumstances might be, retirement planning can help you take control of your own future.