September 10, 2012
The lack of a realistic retirement plan can jeopardize your lifestyle and your legacy. By establishing a vision for your retirement, understanding potential risks and adhering to your plan, you are better able to navigate potential roadblocks and enjoy the days ahead.
One of the biggest challenges for retirees is having enough income to maintain their preretirement lifestyle throughout retirement. With the average life expectancy nearing 80 years of age in the U.S., retirement can span from 15 – 30 years. The added years, inflation, potential liquidity restraints and probability of market volatility make it increasingly important to slow down spending and set aside additional savings.
Whether your ideal retirement situation involves travel, providing an education for your grandchildren or continuing the support of a charitable organization, your personal health care needs and those of your spouse should not be forgotten.Unexpected or underestimated health care expenses can quickly drain retirement savings. Long-term care insurance is an option often overlooked yet effective in keeping your vision for retirement intact.
When creating your retirement plan remember to structure distributions accordingly and review your portfolio regularly. “Working with an investment professional is a lot like working with an athletic trainer,” confides First Western’s Director of Retirement Plan Consulting, Paula Hendrickson. “Having someone to answer to and oversee your investments without emotion will allow you to keep on track, invest appropriately and enjoy your retirement.”
At First Western Trust we work with you to create and execute a successful retirement plan based on your goals for your family and business. For more information, please contact your relationship manager. Additionally, if you would like more information on instituting a 401k plan for your business and employees, please contact a member of our Retirement Consulting team at 303.531.8100