Develop and Recommend a Retirement Plan.
In this assignment, you will recommend a personal retirement plan for a client that you identify. Support your recommendation to the client by explaining how the plan meets the client’s needs and mitigates risk. In addition to the required page total, include the required appendices. Required appendices may be tables, pie charts, and/or other appropriate figures.
This week, you continue in the role of retirement planner you took on for the Week 7 assignment. You will identify a client, create a re tirement plan that meets that client’s needs, and recommend the plan to the client.
In a 5 page paper, complete the following:
Identify a person, couple, or family for whom you are creating the plan.
1. Describe the person, couple, or family (no name is required, but it can be you, someone else, or someone you imagine). Each of the following items is important because your recommendations must align to them:
2. Include the factors that are important to know when developing a retirement plan (age, marital status, number of dependents, health, life expectancy, and other sources of income such as social security and pensions).
3. Identify a desired age of retirement and retirement income (assume these were provided by the client).
4. Describe the client’s personal risk tolerance (assume this information was provided by the client).
5. Develop a personal retirement plan that identifies required savings before retirement and planned savings and withdrawals before and after retirement.
6. Support your explanation of this plan with the following appendices:
a. Annual and monthly savings before retirement (in addition to the required page total).
b. Annual and monthly withdrawals after retirement (in addition to the required page total).
7. Recommend asset allocations that mitigate risk based on client’s profile, such as age, marital status, and personal risk tolerance, and based on the riskiness of the assets.
8. Provide the following appendix to support the original and changing allocation of asset classes:
Asset allocation over the life of the plan (in addition to the required page total).
Use 5 sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment.
Create a budget: Make a budget to understand your current expenses and where you can make cuts or adjustments to free up more funds for retirement savings. Include all sources of income and expenses, including retirement savings contributions.
Choose the right retirement account: Consider opening a retirement account, such as an Individual Retirement Account (IRA) or a
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Determine your risk tolerance: Decide how much risk you’re willing to take with your investments. This will affect the types of investments you choose and the rate of return you can expect.
Invest wisely: Consider a diversified portfolio of stocks, bonds, and other investments that align with your risk tolerance and retirement goals. Rebalance your portfolio regularly to ensure you’re on track.
Plan for unexpected expenses: Be prepared for unexpected expenses, such as medical bills or home repairs, that can arise during retirement. Consider building an emergency fund to cover unexpected costs.
Review your plan regularly: Monitor your retirement plan regularly and make adjustments as necessary. Life events, such as marriage, children, or changes in income, may require changes to your plan.
Overall, a retirement plan should be comprehensive, taking into account your current financial situation, your retirement goals, and your risk tolerance. By following these steps and working with a financial advisor or planner, you can develop a solid retirement plan that helps you achieve your retirement goals.