RETIREMENT
Will You Have Enough to Retire?
RETIREMENT OPTIONS
Will You Have Enough to Retire?
What is the ideal amount to save for retirement? Will you have enough to retire? How do you know? Your future will be influenced by your lifestyle, length of savings, and the age at which you retire. A longer life expectancy combined with growing healthcare and living expenses are additional factors to consider. You’ll need to save more and spread it out over a longer period than previous retirees did because of these factors. Will you have enough? Before you answer, you must take into account several factors. We can give you a better understanding of them:
Budgeting
One of the most crucial steps in formulating your retirement strategy is creating a monthly budget. Start by looking at your main expenses; the most crucial ones to cover are housing, food, transportation, and medical care. Additionally, consider "bonus items" like gifts, dining out, and travel. You should also have sufficient funds to cover these expenses. Finally, you should establish a monthly "emergency fund" to cover unforeseen expenses. This will help you out during emergencies and, better yet, if you don't need it that month, that money can be used to give yourself a bit more "breathing room" in retirement.
Consider Inflation
Another important factor to take into account when calculating how much you should have saved for retirement is inflation. Over time, your assets will lose value due to rising costs. The Federal Reserve usually aims to maintain inflation at 2% annually, though there are occasional periods of higher inflation. To determine whether you can maintain the same standard of living in retirement, add a compounding 2% to your yearly expenses each year.
Get Educated
Determining how much money you will need in the upcoming years is the first step in developing a successful retirement strategy. We can guide you through the process while considering your unique needs, goals, and financial situation. To keep our clients and potential clients informed, we frequently host educational seminar events. In addition to being no cost to attend, these events also come with a complimentary gourmet dinner. Enjoy a delicious meal as we go over the key factors to consider when creating a sound retirement strategy.
You could also schedule a one-on-one meeting with us, to discuss your own financial status, needs, and financial goals
With that information, we can then present you with options that you might not have even previously thought of. Will you have enough to retire? We're here to help you be able to answer "yes!" We're always here to help.
