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Retirement Needs Analysis

We all have retirement dreams. You may have even started down the savings and investment path to fund those dreams. Before you go any further, there are two considerations you should address: the amount of income you will need in retirement and steps you can take to protect your dreams during your retirement.

In determining your financial goal for retirement, you need to consider:

  • What age would you like to or will be able to retire?
  • What standard of living would you like to maintain during retirement?
  • What annual income will you need to maintain that standard of living?
  • What length of time do you expect to need that income for?
  • Once you have established a financial goal for retirement, you need to evaluate whether or not your current savings and investment plans are sufficient.

Next, you need to assess your current protection plans. Life insurance, disability income insurance and long term care insurance can be important pieces to your retirement puzzle.

Life insurance can help you safeguard your family's financial future. Depending on the amount of your policy, the money from your life insurance may enable your family to pay for funeral expenses, legal fees, estate taxes and unpaid bills.

What will happen to your retirement savings if you become disabled before you reach retirement? Would you need to use your retirement savings to cover your loss of income? Disability Income Insurance can protect a portion of your income and your ability to make contributions to your retirement plan.

What will happen if you need long term care? You may think that you'll be able to pay for long term care from your savings and assets, or maybe your adult children have offered to take care of you if the need arises. But what if the level or length of care needed increases significantly? Will you have enough savings to cover the costs? What if your child needs to leave their job in order to care for you? Will they be able to afford it?

Our financial services professionals can help you determine those answers. We have an array of products and services to help you plan ahead so that your dreams for retirement can become a reality.