{"id":65344,"date":"2025-02-03T02:54:12","date_gmt":"2025-02-03T02:54:12","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/is-your-retirement-plan-viable\/"},"modified":"2025-02-03T02:54:12","modified_gmt":"2025-02-03T02:54:12","slug":"is-your-retirement-plan-viable","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=65344","title":{"rendered":"Is Your Retirement Plan Viable?"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><span data-preserver-spaces=\"true\">Most retirement discussions begin with how large a nest egg is needed for retirement and an estimate of the correct percentage withdrawal rate. While these questions are important, they are generalizations that don\u2019t answer the most <\/span><span data-preserver-spaces=\"true\">important<\/span><span data-preserver-spaces=\"true\"> questions. <\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">The Big Question <\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Focusing on what your investments will generate is important but does not mean you\u2019ll have a financially successful retirement. The big question is how much you spend or how much you will be spending in retirement. Then, compare that to anticipated income. As people age, savings and spending habits change: <\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">You may stop saving\/deferring for retirement <\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Children may be educated<\/span><span data-preserver-spaces=\"true\"> and off your payroll (hopefully)<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Home(s) may be paid off<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Travel and discretionary spending for hobbies may increase <\/span><\/li>\n<li><span data-preserver-spaces=\"true\">You may increase or reduce charitable giving <\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">Generally, people spend more in the early years of retirement as they travel and less as they age and have crossed items off their bucket list.\u00a0 <\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Start Planning Early <\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">The earlier you start, the easier it is to make course corrections along the way. Small changes now could dramatically affect the outcome 20 years from now. While assumptions and information become less precise the further you go into the future, it\u2019s still a good exercise. As Dwight D. Eisenhower said of the planning for the D-Day invasion of Europe: <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIn preparing for battle, I have always found that plans are useless, but planning is indispensable.\u201d <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Don\u2019t make the mistake of thinking that you are financially prepared simply because you\u2019ve maxed out your 401K deferral. Depending on spending and debt, that may not be enough. It is better to find out early that a course correction is needed than decide work is no longer enjoyable or physically viable and you want to stop working. <\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Delicate Balance <\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">The balance is to save enough for tomorrow, but still enjoy yourself today. One of the saddest comments I\u2019ve heard came from an older client who said he had an opportunity to travel more with his wife and friends 20 years ago but was concerned about spending too much. <\/span><span data-preserver-spaces=\"true\">Now,<\/span><span data-preserver-spaces=\"true\"> he has the money, but his wife and friends are either gone or cannot physically travel.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Lesson:<\/span><\/strong><span data-preserver-spaces=\"true\"> Planning can also lead to discovering that you don\u2019t need to save as much and should enjoy life more now. It\u2019s better for you to drive a Mercedes now than for your kids to drive one after you\u2019re gone. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As always, your Dent Moses advisor is available to help. <\/span><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Most retirement discussions begin with how large a nest egg is needed for retirement and an estimate of the correct percentage withdrawal rate. While these questions are important, they are generalizations that don\u2019t answer the most important questions. The Big Question Focusing on what your investments will generate is important but does not mean you\u2019ll [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[10933,11077,35278],"dealstore":[],"offerexpiration":[],"class_list":["post-65344","post","type-post","status-publish","format-standard","hentry","category-accounting","tag-plan","tag-retirement","tag-viable"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is Your Retirement Plan Viable? - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=65344\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Your Retirement Plan Viable? - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Most retirement discussions begin with how large a nest egg is needed for retirement and an estimate of the correct percentage withdrawal rate. 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