Brycast Financial Planning, LLC
    Registered Investment Advisor Firm
Retirement Planning      
As much as you love your job, there may come a day when you would rather be doing something else. If you haven't already started planning for that day, then now is a good time to start. Planning for your retirement requires that you know two things, when and how much. The when is your retirement start date. The how much is how much money you'll need in retirement.

The when part may be the easiest to determine. For example, you may be one of the few fortunate people who have a defined benefit plan provided by your employer. If this is the case, the retirement age to receive benefits is probably stated in the plan. The retirement benefit is probably stated in the plan too. For example, you may receive 2.5% of your highest salary for every year that you work. So, if you worked there for 20 years, you would receive a pension of 50% of your maximum salary starting at retirement.  If you're comfortable with the 50% number, then you're probably done with planning. One thing you might want to check is whether or not your pension benefit is adjusted with inflation. In many cases it is not. So, inflation will reduce your purchasing power over time.
  
If you are not one of the fortunate few with a defined benefit plan, then you probably have some more work to do in order to figure out when you can retire.  In this case, you might want to start with how much first, then you can determine the when part.

In any case, Brycast can help you achieve your retirement goals. Also, if you are considering taking a distribution or rolling over funds from your retirement plan, talk to us first so we can help you determine the tax consequences in advance.