Retirement
Will You 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 been saving will all affect your future. Other considerations include rising healthcare and living costs, as well as an increase in life expectancy. For these reasons, you’ll need to save more and spread it out over more time than previous retirees did. Will you have enough to retire? There are various factors to consider before you can answer this question. We can help you understand them better.
Budgeting
Creating a personal budget is one of the most important elements in developing your retirement strategy.
A realistic retirement budget covers all monthly expenses. First, examine your primary expenses; healthcare, housing, transportation, and food are among the most important costs to cover. Also, consider “bonus items” like travel, dining out, and gifts. You should also have enough money to meet these charges. Lastly, you should set aside an “emergency fund” to cover unexpected expenses each month. If you don’t end up needing it that month, all the better: When designing your retirement strategy, allowing yourself some “wiggle room” can be extremely beneficial.
Consider Inflation
Inflation is another crucial consideration when determining how much you should have saved for retirement.
As the cost of living rises, your assets will devalue over time. Although times of high inflation do come around, the Federal Reserve typically strives to keep inflation at 2% each year. So, compound your normal annual spending by 2% every year to assess whether you’ll be able to maintain the same lifestyle in retirement.
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Get Educated
To create a successful retirement strategy, first determine how much money you will need in the coming years. We can walk you through the process while taking into account your individual circumstances, goals, and needs.
We host educational seminar events regularly to keep our clients and potential clients updated.
These events are free to attend and also include a complimentary gourmet dinner. Enjoy a great meal while we walk you through the main factors to consider when establishing a solid retirement strategy.
In addition to these events, you could also set up a meeting with us. During this discussion, we can go over your current financial situation, requirements, and goals. Then, using that knowledge, we can offer various options that you may not have considered previously. Will you have enough to retire? We can help ensure you get to say “yes” to that question. We’re always here to help.