Planning Retirement

People of all ages should begin planning for retirement and managing their money well so they are ensured enough income when they do retire. Retirees estimate that people will need 71% of their pre-retirement income to maintain their current lifestyles. Stocks and 401(k) plans are recommended. Facts Nonretired Americans with household incomes that average more than $50,000 assumes they won't be able to retire until age 59. More than a third of affluent retirees with children and grandchildren …

…asset, however, advisors need to consider overriding questions: "What type of cash flow is needed for his or her living expenses?" Before we can even approach the analysis of the retirement assets and distribution options, we need to dip into their retirement accounts sooner rather than later to maintain any semblance of their preretirement lifestyles in retirement. So the question is, do fancy tax strategies really help these folks? Maybe, but then again, maybe not.