This chapter discusses planning for retirement income needs. The chapter begins with a summary of income and other financial needs such as estate planning, employee benefits and compensation planning. This chapter then focuses on assessing income needs and resources. Current income sources and assets are discussed, followed by a section on retirement needs analysis. | The aging Baby Boom generation has focused attention on the importance of retirement planning Between 1990 and 2000 55% increase in 50 to 54 year old age group largest % growth for any 5-year age group due to ‘early Baby Boomers’ born between 1946 - 1950 45% increase in the 45 to 49 year old age group 2nd largest % growth for any 5 year age group due to ‘later Baby Boomers’ born between 1951 – 1964 Source: Copyright 2009, The National Underwriter Company According to the . Census Bureau, the percentage growth in older age groups will continue to rise through 2050, making financial planning for this older age group increasingly important in the coming years Copyright 2009, The National Underwriter Company Source: Copyright 2009, The National Underwriter Company Retirement Planning is Interdisciplinary Benefit / Compensation Planner Estate Planning Skills Financial Planner Copyright 2009, The National Underwriter Company Retirement Planning is Multifaceted Clients may be far from or close to retirement business owners crafting own retirement key executives with bargaining power rank and file employees with no say in plan Copyright 2009, The National Underwriter Company 3 Fundamental Steps In Retirement Planning 1. Assess client’s financial need at retirement 2. Use current income and assets to determine how much of this need will be met at retirement 3. Establish plan to meet any projected shortfall in cash flow Copyright 2009, The National Underwriter Company But first Determine client’s current assets income sources Evaluate impact of client’s major financial goals on assets and income Copyright 2009, The National Underwriter Company . | The aging Baby Boom generation has focused attention on the importance of retirement planning Between 1990 and 2000 55% increase in 50 to 54 year old age group largest % growth for any 5-year age group due to ‘early Baby Boomers’ born between 1946 - 1950 45% increase in the 45 to 49 year old age group 2nd largest % growth for any 5 year age group due to ‘later Baby Boomers’ born between 1951 – 1964 Source: Copyright 2009, The National Underwriter Company According to the . Census Bureau, the percentage growth in older age groups will continue to rise through 2050, making financial planning for this older age group increasingly important in the coming years Copyright 2009, The National Underwriter Company Source: Copyright 2009, The
