Retirement Planning. Manage your income. Create your retirement income plan.

Retirement Planning. Manage your income. Create your retirement income plan.
If you are nearing retirement or are already retired, you have reached an important and exiting stage in your life. Retirement plans can include traveling, golfing, buying a second home in a warmer climate. Retirement can create serious financial challenges, if you have not planned ahead. Very few families can continue to match their standards of living after they retire. The biggest concern is rising health care cost, inflation, investment income protection.

How to estimate your financial situation:
* List all your assets. Include income producing assets and non-income producing assets.
* Estimate post retirement income: pension, Social Security.
* Estimate post retirement expenses.
If your estimated post retirement expenses exceed post retirement income - work on a plan to liquidate assets, change the way you manage your money

People live longer and healthier life.  It is hard to estimate if the money you have saved and investment income you have will last throughout your lifetime. Planning your retirement income is essential to prepare yourself for the future.

The bottom line of the retirement planning today is: don't count on pension benefits from your employer. With the general restructuring and cost cutting efforts, many companies have been finding ways to terminate or reduce their pension obligations to retirees. Never assume, that your pension benefits will last forever or still be at 100%