This week Jim and Cathlyn discuss the specific “nuts & bolts” of what goes into a retirement plan. Whether it is voluntary or not, you will likely spend a quarter of your life, or more, in retirement. The huge advantage of having made a plan ahead of retirement is that you know where you are going, and you know what you need to do to get there. Putting a retirement plan in place is a multi-faceted process that takes time. Jim and Cathlyn discuss six of the key steps of this process. The biggest problem is that having no plan is a plan in itself, and roughly 70% of those nearing retirement have no plan. Not only does a plan give you direction, but it also provides you your number; i.e., how much income will be required to meet your retirement goals. The case study of Leo and Madeline Tang illustrates this planning process. The guest this week is financial writer Jonathan Clements, who writes a weekly column for The Wall Street Journal Sunday. He discusses his recent article, “About to Retire? Three Big Questions”.
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