Retirement
Question:
Will You Have Enough To Retire?
Creating a personal budget is one of the most critical steps when crafting your retirement strategy. A realistic retirement budget includes all monthly expenses. This, we believe, is the foundation of a financially sustainable retirement. First, analyze your primary expenses; Healthcare, housing, transportation, and food are among the most major expenses in your retirement budget. Also consider “bonus items” such as travel, dining out, or gifts. You should also have sufficient funds to cover these charges. Furthermore, you should set aside an “emergency fund” to meet unforeseen expenses each month. A little wiggle room can go a long way when developing your retirement income strategy.
Remember:
Consider Inflation
Inflation is another important factor to consider when calculating how much you should have saved for retirement. The cost of living is rising, and as a result, your savings will depreciate over time. The base inflation rate can be determined; the Fed normally aims to keep inflation at 2% per year. So, compound your typical annual expenses by 2% per year to determine whether you’ll actually be able to afford the same lifestyle throughout retirement.
Get Educated
To develop a successful retirement strategy, you must first assess how much money you will need in the coming years. We can guide you through the process while taking into account your specific situation and needs. We offer educational seminars on a regular basis to help you get informed. These events are no cost to attend and include a complementary gourmet dinner. Enjoy a delicious meal while we walk you through key factors to consider while developing a strong retirement strategy.
In addition to these events, you can schedule one-on-one meetings with us. During this meeting, we can explore your current financial situation, needs, and aspirations. Then, using that knowledge, we can recommend different options you may not have considered before. Will you have enough to retire? We can help you make sure you get to answer an emphatic “yes” to that question.
