Happy New Year!

2023 is here, and this often comes with New Year’s resolutions.  Goal setting may coincide with many peoples’ 2023 resolutions, particularly with an emphasis on personal financial goals.  Whether it be reviewing expenses incurred in the prior year or preparing for a large life event, such as retirement, focusing on financial goals may offer a sense of accomplishment to those who are looking to start the year on the right foot.  The Normandy Group has helped individuals, families, and businesses achieve their goals for decades, and we strive to be of service to those who are interested in creating a financial/retirement plan for years to come.  Retirement planning goals are an integral part of designing a confident financial future.  In this article, let’s look at some familiar pitfalls to retirement planning goals, alongside considerations that may potentially support a successful retirement plan.

The easy-to-understand, question-and-answer book, Ways and Means, by contributing author David C. Partheymuller, CFP®, CEP® identifies factors of why most people do not plan for retirement.  These factors include but are not limited to:

• Procrastination: In the early years, our desire to consume, the expenses of our growing families, and education costs can delay retirement savings.  Paying off debt also seems to outrank the need to save for retirement.
• Inability to focus on retirement years: People believe that somehow retirement income will ‘happen.’  But company plans and Social Security provide only a portion of the income necessary.
• Failure to define retirement objectives: Most people have only a vague idea of what it will take to have adequate retirement income.  Without a clear objective, an effective plan is unlikely to be developed.
• Ignorance about the use of money and how to get the most from it: With the busy schedules we have today, managing work and family, there is little time left for people to educate themselves about all their retirement planning options.
• Failure to understand tax laws: Tax deductibility, deferral, and leveraging are not well understood by the public.

The general theme regarding the factors above involves an inability to create and commit to a specific plan.  As CERTIFIED FINANCIAL PLANNER™ professionals, The Normandy Group team is ready to assist you in overcoming potential obstacles that may prevent successful retirement planning outcomes.  Through the implementation of our Dynamic Wealth Design, there is the potential to overcome vulnerabilities and organize one’s financial life.  Working with a financial professional may help individuals adhere to a financial plan, similarly to how a dynamic head coach can assist in helping a sports team achieve their common goals.  The following retirement planning process is an example of how a financial professional may outline the necessary steps for one to take:

1. Gather the data that relates to your present financial situation
2. Outline your financial goals and expectations for retirement
3. Identify the shortfall between your needs and your resources
4. Decide on investment, tax, and estate planning strategies
5. Implement
6. Review Regularly

Following these six steps on your own, or with a financial professional, may provide the ability to achieve your retirement goals.  We encourage you to reach out to the office regarding any changes to your current financial situation.  Also, please feel free to pass along our information to anyone who is interested in learning more about retirement planning.  The Normandy Group team is here to be of service.

The CERTIFIED FINANCIAL PLANNER™ professionals and Certified Estate Planners™ at The Normandy Group offer serious financial insights for today’s complex world.  By combining investment, tax, risk transference techniques and estate planning strategies we can help you to provide clarity to your goals. Contact us today for a complimentary consultation.

Best regards,

Charley Partheymuller, CFP®

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