Financial planning is a serious process in whatever financing needs and approaches. In fact, older individuals who are planning for their retirement years often face unique needs and considerations. Their income will no longer be dependent on their labors but will generally come from investments and government and private benefit programs. Their income needs are affected by changes in their lifestyles and health. Disability or incapacitation are feared threats to their independence and quality of life. Finally, they are faced with the desire to transfer their wealth to succeeding generations while minimizing the impact of income and estate taxes. Therefore, retirement goal setting is affected by a combination of financial and personal issues.
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