The journey continues …

Retirement. The theme of this blog, prompting thought provoking questions to our readers with the intention of planning for retirement.

More often than not, most everyone thinks about the accumulation component. The other side of the equation is the drawdown aspect. Two sides of the same coin. One cannot exist without the other.

If you have been on our journey thus far, you have seen our articles that address the various aspects of the accumulation piece. Here is a very timely addition from PlanSponsor that contains commentary from many industry sources on the accumulation topic.

The question about the ideal retirement ready balance can, by definition, never be a one size fits all situation. Every individual’s number will be different based on their own circumstances.

Have you given some consideration to what that number might be, and what is the current and future gap between the goal and the projection? Do you know the steps you have to take now to help you get there? Are you tapping into all potential sources to put away as much as you possibly can, when you can postpone some of the discretionary purchases?

Switching gears to the drawdown piece, here is another article from PlanSponsor, that talks about precisely that – the income portion.

In addition to the ideas presented here, have you given some thought to the sources of retirement income, including Social Security, possibly a pension plan, or other annuity type payment streams? Do you know the various payment options available in your retirement plan, and are you addressing the tax efficiency of those payments when that time comes? Do you know the specifics of how you will take those dollars – from which vehicles, and how much from each vehicle, and why?

Regardless of where you are in your employment cycle, is it not time to begin, if you aren’t already, thinking about these issues?

If you have other ideas to share, please don’t be shy, and feel free to jump in. We want to hear from you.