Where are you on the road to retirement?
By National Underwriter
By Michael K. Stanley
Those both inside and outside the industry have retirement planning on their minds this week.
National Retirement Planning Week, organized by The Insured Retirement Institute (IRI) hopes to make salient points about the importance of retirement planning while availing individuals and advisors with tools and knowledge to successfully plan.
Securian Financial Group (Securian) has developed a Retirement GPS tool for its website that walks pre-retirees, as well as retirees, through a planning process that delineates the various stages of retirement and explains issues that can arise along the way. Namely:
- Longevity risk;
- Replacement ratio;
- Sequence of returns risk;
- Social Security; and
- Inflation risk.
The next few years will be a seminal time for the industry as 79 million baby boomers entering retirement face challenges many previous generations, of smaller sizes, did not have to face including:
- Reduced employee benefits;
- Longer life spans;
- An uncertain social security environment; and
- Rising health care costs.
Originally published on LifeHealthPro.com