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Retirement Planning

Retirement Planning is the process of determining retirement income goals and the actions necessary to achieve those goals.

This includes identifying sources of income, estimating expenses, implementing a savings program, and managing risk. Future cash flows are estimated to determine if the income goal will be achieved. A simple explanation of what retirement planning is the planning that one does to be prepared for life after paid work ends, not just financially but in all aspects of life. The non-financial aspects include lifestyle choices such as how to spend time in retirement, where to live, when to completely quit working etc.

When should you start planning?

You are never too young or old to plan for your retirement. Retirement planning includes retirement income planning and so much more. It focuses on determining your retirement needs, such as estimating expenses, assessing risk tolerance and time horizons, tax efficiency, estate planning and reviewing your retirement income sources.

Retirement Tax Planning Process At St. Charles Financial Services

Young Adults (ages 21-35)

While a young adult may not have a lot of money to invest now, they do have the benefit of time on their side and can take advantage of the principle of compounding interest when it comes to saving for retirement.

Retirement Tax Planner and Services at St. Charles Financial Services

Early Midlife (ages 36-50)

This group could have a number of financial strains including mortgages, student loans, insurance premiums and credit card debt. It is critical to continue saving at this state of retirement planning. Depending on your personal financial situation, the combination of earning more money and the time you have left to invest until retirement may allow you to save more aggressively.

Retirement Planners and Services at St. Charles Financial Services

Later Midlife (ages 51-65)

As we age, your investment accounts generally become more conservative. While retirement is approaching, there are advantages during this time. For example, earning higher wages and potentially having some debt (mortgages, student loans, credit cards) paid off which will lower expenses. This can leave you with more disposable income. You can also get a better sense of what your Social Security benefits will be and what age it makes sense to start taking them. This is also a good time to look at long-term care insurance which will help cover costs of nursing home or home care should you need it in your advanced years.

Plan for Retirement with St. Charles Financial Services

Many people are afraid of retirement planning because they think that they do not have enough money saved. At St. Charles Financial Services, we’ll sit down with you and evaluate what you have. We will then put a retirement income plan in place that fits your needs and goals and will make adjustments as needed. Enjoying retirement is key while maintaining a good level of assets and income. Diversification is also an important factor to consider in retirement.

Contact St. Charles Financial Services today to speak with a financial professional who can answer your questions and help you to prepare for retirement.

We are here to help protect what matters most to you!

Contact SCFS today and let one of our financial professionals customize a financial plan that helps prepare you for an enjoyable retirement in the future.



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