21 - When can I retire?

Question 1

What are the 6 things the planner and client must assess?

Answer 1

1. Savings available on retirement
2. Value of savings on retirement date (adjusted for inflation)
3. Sources of retirement income (if any)
4. Value of retirement income (adjusted for inflation)
5. Cost of living at retirement and projected COL for expected life
6. Cost of additional expenses (travel, living in a foreign country, nursing home, etc.)

Question 2

What are the 4 things involved in the implementation of the retirement planning process?

Answer 2

1. Develop strategies to meet objectives
2. Implement plan
3. Monitor plan’s progress and make necessary changes
4. Documentation of the plan by agent