The Right retirement strategy means we get to "Live Life On Your Own Terms," this is the goal of retirement. Those that know how to help their clients accomplish this understand that the retirement equation we must solve for is based sole on two variables:
1. Obtaining the lowest tax rate possible in retirement, and
2. Maximizing cash flow for as long as the client wishes to remain in retirement
3. Adjusting for the cost of living and increases in spending
Always beginning with the end in mind one of the first questions that should be asked is what is the number? The "number" a person or family needs to live
No change in lifestyle
Without having to get another job to make ends meet
Most people will see about a 15-20% decrease in income when they retire. This is natural because there is an unseen cost to "being an employee." There may be a corresponding decrease in expenses depending on the type of business.
Planning for retirement is not dependent on the amount of money you have or want, but how you will protect your income from additional and over reaching taxation. Cost of living is also a factor when looking at where the country will be over the next 25 years.