Retirement planning is important and complex enough to support separate and detailed planning, particularly when individuals or couples are within 15 years or so of retiring. It requires a good understanding of what the implications are of retiring at a “poor” time (for example, in the year 2000 or, even worse, 2007) and recognizes that inflation can have a dynamic impact on plans over time. Retirement frequently “dwarfs” other issues such as planning for college in terms of its financial impact on the family, so a careful analysis of qualified and other tax deferred plans and strategizing on withdrawal strategies is critical.
Smith Financial utilizes a highly personalized approach to retirement planning, carefully listening to clients’ goals and aspirations, then employing known strategies and analytical techniques to determine what needs to be done to attain those goals. We look not only at “straight line” analysis, but also employ Monte Carlo simulations and so look at various stress tests to help clients gain an understanding of the ability of their plan to withstand unfavorable economic times.