What are the four basic steps of retirement planning?

In a separate survey, T. Rowe Price found that the retirement savings gap in the U.S. is close to $4 trillion.

Help Clients Visualize Retirement Plans and Progress

Emily Balcetis, associate professor of psychology at New York University, suggests in her book "Clearer, Closer, Better" that there are certain perceptual habits and practices that, when adopted, can effectively help individuals reach their goals.

What are the four basic steps of retirement planning?

Plan for Setbacks in Retirement Saving 

According to T. Rowe Price, 78% of American workers rely on their workplace for guidance on how to reach their lifetime financial goals 

What steps should be taken in retirement planning?

Have Clients "Meet" the Retiree Version of Themselves 

Consider these figures: According to the U.S. Census Bureau, there are over 90,000 centenarians in the U.S. today; by 2060, this demographic is expected to reach about 600,000, a growth rate of roughly 570%.

Personalize Retirement Conversations

Also ask to what extent your clients want to support loved ones or charitable causes. Clarity on these issues can help you personalize retirement strategies for your clients.

How can I increase my retirement speed?

Focus on Big-Picture Goals for Retirement

Another strategy that Balcetis recommends in her book is to "widen the bracket" for any goal in view. It's easy for clients to get distracted by short-term events, such as a double-digit drawdown in the market.

All point

– Help clients visualize retirement plans and progress. – Focus on big-picture goals for retirement. – Personalize retirement conversations. – Have clients "meet" the retiree version of themselves. – Plan for setbacks in retirement saving.

What is the best way to save for retirement? s