Retirement
Discover the key factors that impact your retirement savings—and learn how you can make your money last.
Will You Have Enough to Retire?
How much should you save for retirement? How can you tell if you are still on track? Your retirement age, lifestyle, and how long you’ve saved for will all have an impact on your financial future. Other factors to consider include rising healthcare and living costs, as well as increased life expectancy. For these reasons, you will need to save more and make that money last a longer amount of time than previous retirees needed to. Will you have enough to retire? There are several factors to consider before answering this question. We can, hopefully, help you better understand them.
Budgeting
Developing a personal budget is one of the most important components of your retirement strategy. A realistic retirement budget includes all monthly expenses. First, look at your primary expenses; healthcare, housing, transportation, and food are among the most important ones to cover.
Also, consider “bonus items” such as travel, dining out, and gifts. You should also have enough money to cover these charges. Finally, create an “emergency fund” to cover unexpected expenses each month. If you don’t need it that month, that’s even better: Leaving some “wiggle room” in your retirement strategy can be highly beneficial.
Consider Inflation
Inflation is another essential factor to consider when calculating how much you should save for retirement. As the cost of living rises, your assets lose value over time. Although periods of high inflation do occur, the Federal Reserve generally aims to keep inflation at 2% per year. So, compound your expected annual spending by 2% each year to see if you’ll be able to maintain your current lifestyle in retirement.
Get Educated
To develop a successful retirement strategy, we believe you must first figure out how much money you’ll need in the coming years. Will you have enough to retire? We can guide you through the process of, hopefully, making sure you do. We’ll make recommendations, taking into consideration your specific circumstances, goals, and needs. We hold educational seminars several times per year to keep our clients and potential clients up to date. These events are no-cost and include a complimentary gourmet dinner. Enjoy a delicious meal while we guide you through the key factors to consider when developing a solid retirement strategy.
In addition to attending one of these events, you could schedule a meeting with us.
During this conversation, we can discuss your current financial situation, needs, and goals. Then, based on that knowledge, we can present you with a variety of options that you may not have even considered previously. Will you have enough to retire? We aim to help make sure your answer is “yes” to that question. We’re always here to help.
