Planning Solutions - IPI in San Antonio Texas
Developing an effective plan to secure your financial future – or just cope in the shorter term – is a major undertaking. It requires a deep understanding of asset allocation, a lot of up-front work and ongoing oversight. But many people do not have the financial and tax knowledge to get the most from their hard-earned money. And they often have difficulty overcoming personal obstacles that can get in the way of achieving financial objectives – and going beyond.
Experts agree that planning works. Whether it’s a business plan, health care plan or financial plan, following a well thought out program greatly improves the chances of achieving your objectives. Sometimes getting on the right track is as easy as doing some basic math. In a study by the Employee Benefit Research Institute, less than 42% in the 2012 Retirement Confidence Survey (RCS) report they and/or their spouse have tried to calculate how much money they will need to have saved so that they can live comfortably in retirement. The study showed that workers often guess at how much they will need to accumulate (42 percent), rather than doing a systematic retirement needs calculation. The propensity to guess or do their own calculation, together with current feelings of financial stress, may help to explain why the amounts that workers say they need to accumulate for a comfortable retirement appear to be rather low.4