Strategies for Retirement Planning Assignment

6 Pages1349 Words90 Views

Added on 2020-05-28

Strategies for Retirement Planning Assignment

Added on 2020-05-28

BookmarkRelated Documents

Running head: RETIREMENT PLANNINGRetirement PlanningName of the Student: Name of the University: Author’s Note:

Strategies for Retirement Planning Assignment_1

1RETIREMENT PLANNINGAnswer to (a) Tom and Joanne are couple and have the idea constructing a retirement plan with thehelp of which they can have a secured life even after their retirement and maintain theircurrent lifestyle after retirement. It is therefore essential to understand the plans andobjectives of the couple with the help of which they can earn distinct amount of money withthe help of which they can have a secured and healthy lifestyle. The couple are aged 39 and37 years and they have the intention of getting retired at the age of 65 years. They have 3children and have and every one of them are dependent on their parents. Hence the financialobjective that is in respect to the SMART goals are as follows: Smart The key focus has been to construct aretirement plan with the help of which thecouple can understand the amount ofmoney they need to invest in various areasin order to earn significant amount ofmoney with the help of which they canhave a sustainable and similar lifestyleeven after retirement. They even want tomake their children independent andsecured and so have educationalinvestments as well. The couple even wantsto pay off their mortgage before theirretirement and therefore wishes toundertake investments in that manner.The couple has been saving a limitedamount for the retirement savings planand are in the opinion that this moneywould come in handy with the help ofwhich they can have a secured future. MeasurableThe process of retirement planning isundertaken by most of the individuals whenthey are middle aged. Therefore more than80% of the human beings think of makingretirement planning in order to have a healthyand smooth lifestyle. Therefore, in order tounderstand the money that would meet theirdemands after retirement, calculations andassumptions need to be taken with the help ofwhich the amount of money that is requiredafter retirement can be understood.

Strategies for Retirement Planning Assignment_2

2RETIREMENT PLANNINGTherefore, the goal is definitely measurable.Achievable There are various retirement planning firmsand consultants that are available in theeconomy in order to assist any individualwith their retirement planning. The process isinitiated by understanding the income andexpense of the client and thereafter looks intothe investments that have been undertaken bythe client. On proper assessment of thesedetails a plan is constructed with the help ofwhich the retirement planning process andthe amount that can be generated in the futurewith respect to the expenses are understood.Hence, the financial goals and objectives areeasily achievable if the individuals look toobtain the optimum money after retirement.Realistic Retirement planning is realistic in nature asindividuals need to think about theirretirement from the very beginning with thehelp of which they have a secured future life.The couple have three children and thereforemaking their future secure is even theirobjective and therefore after makinginvestments on their education and paying offthe mortgage before retirement is even a taskbefore they start saving in an effectivemanner with the help of which they canundertake investments for the purpose ofretirement. Hence, the goal about the processof retirement is genuinely realistic. Time FrameThe couple are aged 39 and 37 years andtherefore and the couple have the idea ofretiring at the age of 65 years. Hence, theyhave a long time period within which theycan plan and save their money in theeffective retirement plans and policies withthe help of which they can secure their lifeafter retirement. They have a projected timeperiod of 25 years within which they canattain their goal that has been identifiedearlier. Answer to (b) This section of the paper tries to highlight the retirement expenses that have to be metby the couple and accordingly their income has to be made so that after meeting the expenses,

Strategies for Retirement Planning Assignment_3

End of preview

Want to access all the pages? Upload your documents or become a member.

2202AFE Risk Management and Insurance Strategy Assignment

|703

|56

Portfolio Management for Ms Melody: Investment Opportunities and Risk Evaluation

|2625

|414

FINANCIAL PLANNING 16 FINANCIAL PLANNING Financial Planning Author's Note: Covering Letter Louis and Larissa Edberg

|15

|4089

|222

Investment Policy Statement for Retirement Savings Plan

|906

|263

Corporate Finance Case Study

|10

|2755

|37

Case Study Of Jake Mackenzie's Wealth Condition

|2602

|46

Strategies for Retirement Planning Assignment