How to Plan for the Perfect Retirement

Discovering the many aspects of retirement; the differences between the go-go, slow-go and no-go years of retirement; why a plan must address the specific needs of each period; learning to differentiate between a salesperson and a true advisor.

Learning why no generality, statistical average or one-size-fits-all answer will work; learning how to accurately estimate how much money one will need by creating a series of personalized expense, income and withdrawal timelines.

One does not want to run out of money during retirement; examining the five major risk categories every retiree will face; the key aspects of developing a responsive and resilient financial plan to address these risks in retirement.

Comparing and contrasting two different ways to create a personalized spending plan; learning how to make some crucial planning decisions, including whether to pay down debt first or boost savings and whether to rent or buy a home.

Funding a child's college versus funding retirement accounts; using a company's benefits to one's best advantage; learning how to address these issues; why tax-deductible contributions to a retirement plan might not be a boon.

Answering the question of where one should put their money when saving for retirement; why discipline will be the key to success; how stocks, bonds and mutual funds work; the differences between active and passive investing.

The decisions one will face in the five years prior to retirement; building up cash reserves; how and why to simplify financial life; when to begin taking Social Security; whether to downsize one's home; how to take a pension payout.

Looking into four main strategies for withdrawal; digging deep into annuities as a vehicle for retirement; why this sometimes-controversial product is neither all good nor all bad; learning about the other three main types of annuities.

Learning about the costs and availability of healthcare coverage; the pros and cons of two spouses retiring at the same time; when to start taking Social Security payments; rules related to required minimum distributions from retirement accounts.

Most people consider their trust, power of attorney and healthcare directive as among their most important estate-planning documents; but the titling of accounts and property and setting up beneficiary designations are equally crucial.

Not making crucial decisions based on outdated information or what anyone else does; learning about the pros and cons of decision options; the reward for getting these decisions right can be worth thousands, or even hundreds of thousands, of dollars.

In How to Plan for the Perfect Retirement, Professor Dana Anspach of Sensible Money, LLC is your step-by-step guide to creating the future you want.