Financial Planning – September 3, 2015
In this article in FINANCIAL PLANNING, David Schneider discusses steps advisors can take to help clients prepare for retirement. He suggests that advisors help clients get a handle on spending by using budgeting questionnaires saying “You want to be accurate, but estimate expenses when needed,” adding that “All you are trying to do is get a good estimate of monthly spending.
Looking at every receipt and charge card is overkill.” He also talked about how much clients can safely spend in retirement stating “a quick back-of-the-envelope calculation can be made using the 4% rule and adding in income from other sources like pensions and Social Security.” He also added that “Some expenses drop in retirement as seniors slow down. But health care costs can increase, so be sure to factor that in your plan.”
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