Every Retirement Plan Should Include These 5 Points

Life expectancy is longer today. Interest rates are low, and inflation is creeping back up. Taxes will likely increase in the next few years. Will the stock market continue its steady climb? You can hope, but who knows? Volatility could be part of that long-term equation.

All of these factors create financial uncertainty in the future and make planning for retirement more complex. With that in mind, here are five key components of preparing for retirement:

1. Get an income plan

How much money do you need, and where will it come from?

Those are two very important questions. As you enter your prime earning years, it’s important to think ahead about how much income you will need in retirement.