Sometimes getting started is more than half the battle, especially when you say to yourself  “where do I start?” So it is with planning for retirement. Most people either think they know what they are doing and the rest hope they end up with enough money to retire in some semblance of dignity. After all isn’t that what 401(k)s are for?

My grandfather spent over 30 years as a salesman for the Goodyear Tire and Rubber company. Like most of the men in his generation he believed that the “company” would take care of him in retirement. You would, hopefully, receive the proverbial “gold watch” and a nice check every month. My grandfather received both. He just didn’t plan on such a small check (ERISA wasn’t around in those days so you assumed it would be enough). And he took a single life payout so when he died my grandmother didn’t get anything but his social security. She had to move in with my parents since she lived to see her 90th birthday and that social security check didn’t pay the bills after my grandfather’s death. For many of his generation it was a crap shoot as to how much you would get from the “company”.

Today, that crap shoot comes in the form of a 401(k). Most of us will not have the benefit of a pension. Our retirement planning is a do-it-yourself proposition. Defined contribution plans like 401(k) plans will make up the bulk of the baby boomers retirement funds. So how much do you need to save in order to enjoy the kind of retirement that you envision? Oh, you can figure it our online? Yes you can get a pretty good idea by taking advantage of the various financial calculators out there. Then what? What if you feel like it is a hopeless situation to achieve that $2 million lump sum or whatever sum the calculator gives you?

The solution is two-fold. First, work with a trusted advisor. There is too much at stake to try to figure it all out on your own. Visit a financial advisor at you local credit union. He or she will give you objective advice. They will do what the financial calculators can’t do which leads to the second solution – get a solutions based analysis. What does that mean? Well, it means that not only will your trusted advisor provide you with the so-called “lump-sum” calculation they will take it a step further and provide specific solutions to get you to that lump sum or as close as your current (and future) financial resources will allow you. I use a terrific tool called Retirement Analyzer that will provide you with an excellent assessment of you ability to achieve the retirement that you plan or get you as close as possible. it is a solutions-based resource. After all, isn’t that what you need? You need more than just to know what the lump-sum is, right?

I use this old adage in my seminars and webinars because it relates to retirement planning. If goes like this, the best time to plant a tree was 20 years ago, the second best time is today. And so it goes with the retirement planning process. You can beat yourself up over what you should have done in terms of saving for retirement or you can start right now, today!

Please let me know how I can help. Let’s get started right now!

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