Industry Articles
Industry Articles Home > Stretching your Retirement Dollar News
|
Building a pre-and post-retirement plan will help retirees maintain their finances 2010-04-30 A good retirement plan includes the basic elements, such as savings, assets, pension plans and investments. However, pre-retirees can take retirement planning a step further by adding in costs and unexpected expenses that may drain retirement income later in life. Depending on an individual's income, taxes can have significant effects on a retiree's finances. Individuals should take all investments and estate planning into consideration during tax time to gain the maximum benefits through deductibles, exemptions and credits, according to a leading financial service company. Retirees should also plan for estate taxes. Though these may seem to be too far in the future to budget into retirement income, estate taxes are inevitable for many and planning early will be beneficial down the road, financial service companies say. Maintaining a diversified portfolio of liquid and illiquid assets in different market sectors will maximize a retiree's potential gains, while shielding investors from volatility. Creating a financial plan for a retiree's current and future circumstances reduces the risk of being caught off-guard with unexpected expenses that may drain retirement income.  |
