The presence of employer stock complicates this issue. Each decision has its own tax considerations and may have long-lasting consequences, so employees can't afford to make this decision lightly. Using these numbers, employees can revisit their retirement goals to see whether they're realistic, or whether they need to save more, work longer or make other adjustments to make them possible. How to invest in retirement to make sure that they don't outlive their money is another task that most employees need help with. What a person's retirement costs on the first post-career day will probably not be what they need in their fifth, their 10th or their 20th year in retirement.
Inflation cuts into one's buying power year after year.
And, current and future health costs, as well as responsibility for the care of elderly parents or relatives among other things all might change a person's income needs as they progress through retirement. Employees need to decide for which contingencies they need to plan on top of their known income needs. Wills, trusts, living wills, powers of attorney and other estate planning tools are too often neglected by employees. Yet estate planning is as necessary as retirement planning. Employees need help in determining whether there are ways to shelter their estates from unnecessary taxation through the use of estate planning tools such as life insurance and trusts.