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More than Brokerage Accounts and Insurance Policies
By Shikha Mittra; AIF®, CFP®, CRPS®, CMFC®, MBA
Many physicians think that by having a few brokerage accounts or a few insurance products, they are doing retirement planning. Just as when a patient visits the physician with a heart condition, or a severe ailment, s/he would not rush into surgery or prescribe the most popular heart medication on the market without a detailed medical analysis.
Similarly, retirement planning is not cherry picking the best stocks or mutual funds It’s similar to the process of diagnosing a major medical condition, finding alternatives and then charting the best course of action; through medications, surgery if required, and regular checkups.
Integrated with Financial Planning
Retirement Planning involves an in depth analysis of your needs, wants and resources; and looking at alternative scenarios and then developing a long term strategy to achieve those goals. It takes into account all other areas of your financial planning situation such as cash flow, insurance needs, investments, taxes and estate planning. It’s based on your risk tolerance, time frame, annual savings and your prioritized goals.
And, you increase the probability of success by following this process and monitoring it on a regular basis to make sure you are on track. All assumptions made are strictly unique and there is no one size fits all retirement strategy!
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Assessment
The more time you have to plan for your retirement, the less risks you have to take near retirement, and the easier it gets to make your retirement vision a reality!
More: http://www.medicalnewsinc.com/retirement-and-succession-planning-cms-351
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Filed under: Retirement and Benefits | Tagged: retirement planning, Shikha Mittra | 2 Comments »
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