Reaching retirement and maintaining your lifestyle in retirement is the functional equal of St. George slaying the mythical dragon. We recently completed work on an E-book titled “9 steps to Slaying the Retirement Dragon”. Since the founding of our firm in 1982, individuals planning for retirement have been prevalent. This E-book provides a systematic overview of the issues and solutions to those in the “run-up” phase prior to retirement. The link below will take you to this E-book.
Maintaining Purchasing Power
Each and every day for the next 15 years or so, about 10,000 baby boomers will turn age 65. While this is viewed as “normal” retirement age, the average age of retirement in the U.S. is actually closer to age 62. Presumably, this is a function of early Social Security benefits being available at that time. Regardless of the age, the overarching goal in retirement is to have sufficient resources to last a lifetime. The secondary objective is to maintain purchasing power during retirement. This is where most planning fails. As we often express to clients, we are not as worried about the first year in retirement as we are the 21st year. With a 3% inflation rate, living costs will double over 20 years.