The Informed Investor

Conducting a Financial Analysis for Retirement Planning

December 19, 2022

Retirement planning is not a one-size-fits-all process. In fact, when you have different financial accounts and assets to consider, it can be easy to be overwhelmed with the complexities of making sure you are on track for retirement. By reviewing all your finances with an experienced, fiduciary financial advisor you can develop a plan to help continue growing your assets and preserve your wealth, so you can be confident in your ability to retire comfortably in the future. Here is what you can expect to go over during a financial analysis with an investment advisor for retirement planning.

How Much Do You Need for Retirement?

How much you will need for retirement depends on a range of factors, including where you want to live and the lifestyle you want to enjoy during retirement. A general guideline for how much you should have saved, recommends 12 times your pre-retirement salary. To plan appropriately, you’ll need a realistic estimate of the money you will need to retire comfortably as well as an understanding of where you stand financially now.

What Is a Financial Analysis for Retirement Planning?

With many people living well over the age of 90 and sometimes even over 100, you’ll want to do all you can to make sure you won’t run out of money after retiring. A financial analysis for retirement planning is a process that can help determine whether or not you are on track to meet your goals for retirement. A retirement planner can help you prioritize your goals, determine all sources of retirement income, and track and monitor your retirement savings progress.

Why Should I Do a Financial Analysis?

Financial analysis for retirement planning can help you get a clear picture of how much you may need to retire, the optimal age to start claiming social security benefits, and help with an investment strategy to protect and grow your assets during retirement. Financial analysis for retirement planning can also help you create a budget for your retirement, plan for expected and unexpected medical costs and help you create a prudent investment strategy for post-retirement income.

What Is Reviewed During a Financial Analysis for Retirement Planning?

When planning for retirement, it’s important to go over the factors that will help to enable you to live the retirement that you want. During a financial analysis for retirement, a financial advisor will review the following topics:

  • Your current income and how much it is projected to be in retirement
  • How much money you have saved
  • How much income you need on an annual basis to meet your financial goals or maintain your lifestyle
  • Whether you plan on spending money from savings before claiming Social Security benefits.
  • The age at which you want to retire
  • Your other sources of income besides pensions or annuities such as Social Security benefits, investment dividends, interest from investments, etc.
  • The probability of future inflation over time
  • Income tax implications during and after retirement

Speak With A Retirement Planner Today

ICC, the Investment Counsel Company, is a nationally recognized wealth management firm in Las Vegas, Nevada, that offers a wide range of retirement planning services, including financial analysis for retirement or financial planning customized to meet your needs, investment portfolio management, and more.  If you have $1 million or more in investable assets, contact us today to learn more about our investment management services:  contacting ICC today.


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