Retirement
Achieve the 3 C’s with your money: Clarity, Control and Confidence
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You May Be Asking Yourself:
Will I Have Enough to Retire?
How much should you save for retirement? How can you tell whether you’re still on track? Your retirement age, lifestyle, and how long you’ve saved all have an impact on your financial situation. Other considerations include rising healthcare and living costs, as well as longer life expectancy. For these reasons, you will need to save more money and will most likely spend more time in retirement than retirees in previous decades.
There are several factors to consider when determining "will I have enough to retire?" We can help you understand them better.
Budgeting
Creating a personal budget is an important part of your retirement plan. First, assess your baseline living expenses; healthcare, housing, transportation, and food are among the most important to cover. Consider "bonus items" like travel, dining out, and gifts. You should also have sufficient funds to cover these expenses. Finally, set up an "emergency fund" to cover any unexpected expenses each month. Even if you don't end up needing it every month, it's still a good idea to leave some "wiggle room" in your retirement budget.
Consider Inflation
Inflation is another important consideration when determining how much you should have saved for retirement. As the cost of living rises, your assets depreciate over time. Although periods of high inflation do occur, the Federal Reserve's objective is to keep inflation at 2% annually. So, compound your normal annual spending by 2% each year to determine whether you'll be able to maintain your current lifestyle in retirement in the years to come.
Get Educated
We can help you navigate the process of retirement planning, while taking into account your unique circumstances, goals, and needs. We hold educational seminars on a regular basis to keep our clients and prospects up to date. These events are no-cost and also include a complimentary gourmet dinner. Enjoy a delicious meal while we discuss the key components to consider when developing a retirement plan.
In addition to these events, you can set up a meeting with us. During this conversation, we can talk about your current financial situation, needs, and goals. Then, based on that information, we can present you with a number of options that you may not have considered before. “Will I have enough to retire?” We strive to make it so your answer to that question is a confident “yes.” We’re always here to help.