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Private Wealth Management: The Complete Reference for the Personal Financial Planner, Ninth Edition, 9th Edition by Jerry Rosenbloom, G. Victor Hallman

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13

Retirement Needs Analysis, Social Security, and Employer-Provided Qualified Retirement Plans

RETIREMENT NEEDS ANALYSIS

This part begins the consideration of another major area of wealth management planning. This area has assumed increased importance in recent years because of the aging of the population as typified by the “baby boomers.”

Assumptions for Retirement Planning

The assumption is often made that people’s financial needs decrease after retirement. To some extent, this assumption may be valid. However, the actual reduction in the financial needs of retired persons probably has been overstated. People usually do not want any drastic change in their standard of living at retirement. Also, expenses for medical care, and perhaps custodial ...

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