Updating Your Retirement Planning
There are many retirement planning charts available online, but one of the best we found was created by the Society of Actuaries (http://www.soa.org/). The Society of Actuaries (SOA) is the largest professional organization dedicated to serving 21,000 actuarial members and the public in the United States, Canada and worldwide. The SOA’s vision is for actuaries to be the leading professionals in the measurement and management of risk.
An actuary is a business professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. They evaluate the likelihood of those events, design creative ways to reduce the likelihood and decrease the impact of adverse events that actually do occur.
The 16 page pdf file “Managing Post Retirement Risks”
(http://www.soa.org/files/pdf/post-retirement-charts.pdf) provides information on:
Interest Rate Risk
Stock Market Risk
Public Policy Risks
Unexpected Health Care Needs & Costs
Lack of Available Facilities or Caregivers
Loss of Ability to Live Independently
Change in Housing Needs
Death of a Spouse
Other Change in Marital Status
Unforeseen Needs of Family Members
Bad Advice, Fraud or Theft
It’s always a good idea to keep reviewing your plan. Many of us get lazy about doing it until it’s too late.