"Will I Have Enough to Retire?"
As you approach retirement, you may wonder: “Will I have enough to retire?”. Various factors go into the answer: your income, your retirement age, as well as your planned retirement lifestyle. Additionally, consider rising healthcare costs, and the fact that people are, on average, living longer.
There are lots of things to consider and we may be able to provide you with some guidelines when it comes to saving for retirement. Additionally, we may be able to suggest tools you can add to your strategy to earn and protect more money if you don’t seem to have enough to retire.
Creating a Budget For Retirement
Expenses must be considered to determine if you will have enough to retire. Just how much income will you need in order to live comfortably in retirement? The answer to this question is vitally important.
When determining your retirement budget, take into account day-to-day living expenses: Food, housing, and healthcare.
Extras: Money to travel, pay off your mortgage, donate to charity, etc.
And, lastly, set aside some “emergency” money
in case of unforeseen events.
Your Retirement and Inflation
One often-overlooked factor that impacts your retirement massively is Inflation. U.S. inflation rates historically average around 3% per year. However, even at this relatively stable level, the rate is still not to be ignored: The cost of all manner of goods increases at a gradual pace with inflation. With a 3% increase, prices roughly double after around 25 years. At age 90, a retiree on a fixed income would essentially have half the buying power they did when they retired.
Thankfully, with the right tools, you can gain an increased income to compensate for inflation. Want to learn more? Reach out to us. We can guide you, based on your specific situation, to the answer for the question “Will I have enough to retire?”
Protect Your Retirement Income
In today’s economy, most companies do not offer pension plans. And even for those that do, employees find themselves having to contribute more, and getting lower payouts back, than expected. However, stocks and mutual funds are very high-risk. A market crash could drastically reduce your earnings. Using certain options, you may be able to protect assets, while still getting reasonable rates of return** on them. Intrigued? Contact us to learn more. You can schedule a one-on-one, no-obligation meeting, or attend an educational dinner seminar.