Retirement & Financial Planning

Goals of Financial and Retirement Planning

There are some critical questions that everyone needs to have answer. Although most people fail to consider or are just fearful of knowing the answers. Retirement plans or financial plans purpose is to try to answer these questions. Chief among these questions are.

  • Do I have enough money to retire?
  • When will I be able to retire?
  • How will another stock market downturn effect my retirement?
  • What is the risk that rising inflation could wipe out my retirement?
  • What is the likelihood that rising tax rates effect my retirement?
  • Could a medical condition and long-term care effect my retirement?

We at Serenity Wealth Management believe that having the answers to these questions is key to achieving financial serenity is the goal is a major reason for our existence.

Content of Retirement and Financial plans

Most advisors will prepare financial plans and retirement plans in order for you to get answers to these important questions. These plans are often supported by major financial firms that have agendas build within their sponsored retirement plans and financial plans. These agendas are often include additional product and service they are promoting. Don’t feel obligated after one of these plans are done as marketing products and services may be the real reason for these plans.

Many of these high price plans are massive and may include up to 150 maybe even 200 pages. They somehow believe that the weight of the plan (number of pages) may justify the cost you may be paying for it, sometimes as high as $5,000. Their goal is to dazzle you with complexity. These long plans are difficult to read and understand.

We here at Serenity Wealth Management believe that most financial plans could and should be presented in less than 25 pages, often only 15. We also believe these plans should state facts and not present solutions and plans for everything we think you should change.

Other plans use complex Monte Carlo simulation to stress test your plan. We believe these are insufficient and unrealistic test designed to confuse and dazzle you.  Instead we start with lower and more realistic growth assumption and include high tax assumption (which we believe are likely) and higher inflation assumptions (which we also believe are likely) to conduct our stress tests.

Other planners use risk scoring software to scare you about what the next economic down turn will do to your retirement assets. Yes there are substantial stock market risk to consider but do you need software and some made up risk score to recognizes this? Here at Serenity Wealth Management we prefer to prepare you and protect your from stock markets declines instead of scaring you.

Financial Serenity is our Goal

Our goal is to simply help you understand your current path.

After you have seen the projections and if you want possible solutions, only then, with your permission, will we show you any alternatives. We believe that simplicity builds trust and that a simple plan will make you feel less obligated.

Our goal is to help you fully understand your current path toward retirement. We present out results in a simple format that is: if you stop earning and saving for retirement on a certain day, how long will your current assets last. We call it a Red Line study which is very simple and easy to understand. It simply shows when your retirement savings run dry. Of course, your Social Security, Pensions and some life annuities would continue past this point.

If you ask us, and only if you ask us, we could also present solutions to help move the red line until later and to reduce some of the other risks.

It is likely that you will spend 30 years or more in retirement, living off of savings and without earned income. Your need for a plan for that is hopefully obvious. We are here to help you with that in a very non-judgmental way. It is shocking how few people have a plan but need one. Let’s make sure you have an understandable plan.

Go to the calendar link below to schedule an appointment with a college plan expert, Curtis Hill. Discover how a better simplify retirement plan or financial plan can add serenity to your life. Learn how “Not the same old advice” can benefit you.