When building a secure retirement, it is important to realize that different strategies need to be utilized at different times of your life. What is financially appropriate for newlyweds is hardly the same for retirees. Therefore, what you do with your retirement money has to change as you age.

• We're living longer - retirement costs more 
• Continued inflation
• Increased market volatility
• Potential for higher taxes
• Possible rise in interest rates
• Social Security and Medicare uncertainty
• Fewer employers providing guaranteed lifetime pensions
• Greater job turnover means less build-up in 401(k)s, with less vesting
   

1. Building Assets:

• Save regularly and start early to put compounding to work for you
• Take advantage of tax savings offered by the government and look for other tax advantaged ways to save
• Participate in employer sponsored retirement plans
• Learn to create a balanced portfolio, not just random investments
• Use dollar cost averaging
• Make a critical decision about college saving early on

2. Protecting Assets:

The closer you get to retirement, the more you need to protect your retirement savings from:

• The market - reduce market volatility to protect your portfolio
• Inflation - invest to outpace inflation
• Taxes - reduce taxes on your gains
• Yourself - you have to protect your savings from your own bad habits

3. Enjoy Retirement:

• Review sources of retirement income to potentially maximize and extend your income
• Secure guaranteed income to pay for basic expenses
• Maximize your social security benefits
• Plan for long-term medical costs

4. Leaving a Legacy:

Do you intend to leave behind a legacy? You have worked a lifetime to build your retirement assets. Your retirement plans such as your 401(k)s and IRAs may be among your largest assets. Without proper planning, taxes can erode these assets by 65% or more when they are passed on to the next generation. With advanced planning, you can use your assets to help resolve potential problems.

A comprehensive estate plan enables you to:

• Decide who receives a share of your assets
• Decide how and when your beneficiaries receive their inheritance
• Decide who will manage your estate
• Select a guardian for your young children
• Provide for the orderly continuance or sale of a family business