What Are the Three Phases of a Retirement Planning Strategy?

Approaching retirement requires thinking holistically about your individual financial goals and the strategies you’ll use not just to support yourself financially but to establish your legacy in your estate plan.

Anyone who neglects one or both aspects of this retirement planning equation could find themselves facing challenges personally or setting their loved ones up for difficulties down the road. Most experts agree that there are three primary stages of the retirement process.

The first stage is the accumulation, when you are amassing the wealth and assets that you will ultimately use to support yourself. Many people make the common mistake of not putting enough earnings aside for their savings or potentially being too conservative in their investment strategies. Preservation is the second phase of a retirement strategy. Since no one can have complete certainty about what will happen in the stock market, you will need to regularly revisit your retirement plan and ensure that it is in line with your most important goals.

The final phase of a retirement strategy is distribution which involves thinking about qualifying for social security benefits and aligning your personal and estate planning strategies together. For more information about incorporating this into your estate plan, schedule a consultation with a trusted lawyer.

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