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Financial planning, especially for retirement, should go with estate planning

On Behalf of | Apr 17, 2012 | Estate Planning |

Financial planning is something everybody should think about in conjunction with estate planning. While the two are separate disciplines, the way one handles one can affect how one handles the other.

As recent articles in both the Star Ledger and Forbes point out, many people are concerned about running out of money in their retirement. As folks age, many like to spend their retirement doing things they never had the chance to do during their working years, like travelling to other parts of the world. And as we all know, increasing longevity and healthcare costs, as well as a poorly performing economy, have been sapping savings set aside for retirement. So what is a person to do to ensure they have enough resources for retirement?

One way to approach the problem is to ask how much money one can safely withdraw on a yearly basis from one’s investments upon retirement. While that answer will vary between individuals, it is important to remember that one cannot control how markets perform, and may not be able to begin retirement with the amount they would like to. It is important to work with a financial planner or investment specialist to come up with an appropriate portfolio.

Financial planners have a number of different strategies for the purpose of financially planning one’s retirement. Among other things, financial planners will help determine the right withdrawal rate, or the amount one can tap from one’s investment assets without running out of them before dying.

Part of having a successful estate plan is ensuring one’s own financial stability in one’s final years. Without a proper financial plan, one not be able to carry out different aspects of one’s estate plan. So it is important to do both.


Forbes, “Tips To Avoid Coming Up Short In Retirement,” Eve Kaplan, November 28, 2012.

Tips: financial planning, estate planning retirement

nj.com, “Get with the Plan: Retired couple rooted in New Jersey,” Karin Price Mueller, April 8, 2012.