CDS // Accounting // Retirement Planning

You worked hard today. Why not make it pay off for generations to come? The decisions you make today will have a profound impact upon your future. If you're not sure what trail will produce the most prosperous results for you and your family, call us. We can help you make the decisions that allow you to realize your dreams for tomorrow and beyond.

Those cold hard facts are reason enough to concern you with retirement well in advance of your actual retirement date. Planning will allow you to make the adjustments necessary to give you the kind of retirement you want.

If you're a long way from retirement, your planning will give you a rough estimate of the resources you need and what you must do to amass them. As you get closer to retirement, your estimate can be refined.

Money is vital to a pleasant retirement. All too often people ignore their retirement needs until retirement is almost upon them. Retirement will be considerably easier if you plan for it well in advance. In fact, thinking about it from your first job on is not a bad idea.

The funding for most retirements comes from a combination of sources - social security, a company retirement plan, and the individual's own retirement and investment program. Some people never completely retire, but instead continue to work either full-time of part-time after they have reached retirement age.

During retirement, the expenses of buying a home and raising a family are usually gone, so a comfortable retirement can be maintained with fewer dollars than were needed during prime earning years. It's been estimated that most people need from 60% to 80% of their pre-retirement income during their retirement years.

Although few people like to think about it, properly planning for retirement and the eventual disposition of assets actually gives you the opportunity to build a lasting legacy as well as to preserve the well being of your family and other beneficiaries.

When undertaking an engagement, we review your entire financial situation a then work with you to identify your requirements and goals. After determining assets ownership and liabilities, reviewing your existing will and related documents, projecting the value of your potential estate and analyzing your retirements plan and death benefits, we develop a coordinated plan that meets your stated objectives. We also prepare you and your attorney to implement recommended actions.

If you are married, we attempt to determine your future needs as well as the future needs of your spouse. We then devise an estate plan that ensures the surviving spouse's financial security. We can also se up a plan to satisfy special estate-planning requirements, such as those needed to accommodate for the ongoing needs of a disabled child or elderly parents.

Sources of income. Generally speaking, your social security benefits will be somewhere in the range of 20% to 40% of your working salary or earnings covered by social security. If you earned a wage toward the lower end of the scale, your benefits will be closer to 40%; if you earned wages at the maximum, your benefits will be nearer 20% of your earnings.You can find out from your employer the amount of your company's pension benefits and the requirements you must meet to get them. Then, determine how much you must set aside on your own to have the total retirement income you feel is necessary.
Taxes. While retired individuals get some special tax breaks, they still continue to pay income taxes. The assumption usually is that your income will be lower in your retirement years, and, therefore, your income taxes will be less. In any case, don't forget to take taxes into account in your planning.
Inflation. Inflation, even at moderate levels, can cut into retirement resources. You will have to find a way to hedge against inflation. Monitor your investments to be sure your return is higher than the level of inflation, or you will be losing ground.
Life span. People continue to remain healthier longer and to live longer lives. In your retirement planning, be optimistic about your own life span. Your planning should probably provide for double the remaining years indicated in any longevity tables.