Personal Financial Planning

14th Edition
by Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
778 Solutions 15 Chapters 7446 Studied ISBN: 9781305636613 Finance 5 (1)

Chapters 14: 1

14-1 Discuss the relationship of retirement planning to financial planning. Do investment and tax planning have a role in retirement planning?


Step-By-Step Solution

14-1 The financial planning process would be incomplete without retirement planning. Certainly no financial goal is more important than achieving a comfortable standard of living in retirement. In many respects, retirement planning captures the very essence of financial planning.

Once you know what you want out of retirement, the next step is to establish the size of the nest egg that you’re going to need to achieve your retirement goals. In other words, at this point, you’ll want to formulate an investment program that enables you to build up your required nest egg. This usually involves (1) creating a systematic savings plan in which you put away a certain amount of money each year and (2) identifying the types of investment vehicles that will best meet your retirement needs. This phase of your retirement program is closely related to investment and tax planning. Tax planning is involved because the Congress has enacted several tax provisions to subsidize retirement funds.



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