The current recession and recent downturn in the stock market has had a negative impact on everyone's investment portfolio, but for people who are nearing retirement, the current situation is often direr.

In the past, planning for retirement seemed fairly simple:  First, you save as much as possible in a 401(k) or other work retirement plan that helped you reach the company match; watch the value of your house go up to provide you with lots of equity; and find a nice place in Florida, the Carolinas or Arizona to spend your retirement years.

But that American retirement dream has been dashed for many people hit hard by the recent market downturn and subsequent recession.  However, that doesn't mean that you can't retire in much the same manner as you had planned.  But in today's reality, it may mean changing both your investment strategy and expectations in order to accomplish your retirement goals.

At Bloom Asset Management, we can help you re-evaluate your retirement goals and revise your financial strategy to help you ultimately meet your retirement goal.  In addition to analyzing your current financial situation and retirement portfolio, we will also look at other key areas that impact your retirement, including:

• When you plan to retire
• What Social Security benefits you qualify for
• What other sources of income will have you during retirement
• Are you willing to work longer to prolong your retirement
• Are you planning to work part-time during retirement
• What type of retirement "lifestyle" would you like to maintain

Getting detailed information on these areas can help us build a retirement strategy and financial plan that will help you reach your retirement objectives.   When it comes to retirement income, the old rule is that you should plan on achieving retirement income of at least 80% of your pre-retirement income during your retirement years.  However, that is just an average, and many factors can make your individual need either lower or higher depending on your own circumstances.

Of course, regardless of whether you plan to live modestly or travel the world, the X-factor in retirement planning often comes with our health.  And while a major medical condition can drastically cut into ones retirement funds, so too can outliving one's retirement assets.  In fact, today many people don't plan their retirement funds around their own longevity.  Thanks to advances in medical science and a focus on health, many people are living well into their 80s and sometimes even their 90s!  While that would have been the exception rather than the rule in the 1960s or 70s, today it is fairly common.

 As a result of people living longer, that longevity issue also has to be factored in when saving for retirement so that you don't run out of money.  Life expectancy should also be considered when determining your investment strategy and your retirement lifestyle.

 As you can see, there are many things to think about when you are developing a financial strategy for your retirement years.  At Bloom Asset Management, we can help you navigate the retirement "maze" and come out with a plan that will fit your individual goals and situation.