Will I Have Enough to Retire?
A common question people ask themselves when nearing retirement is “Will I have enough to retire?” The answer varies from person to person. Planning for retirement requires consideration of your current income, retirement age, and lifestyle.
Rising health care and living costs should be considered. Medical advances are helping people live longer, so people are preparing for extended retirement periods. Different retirement professionals offer recommendations on how much one should save for retirement. But what is right for you? The retirement strategy you choose should be tailored to your specific situation.
The Impact Of Inflation On Retirement
Planning ahead for retirement involves taking action now. In addition, you need to take into account future inflation and the length of your retirement.
Historically, inflation in the U.S. economy averages around 3% a year. Although modest, that number shouldn’t be ignored. For instance, over 25 years, a 3% increase would lead to roughly doubled prices for goods. By age 90, a retiree on a fixed income would have 50% less purchasing power than at age 65. Based on the purchasing power of the dollar, this means that $100 today will be worth only $55.37 in 20 years. Everyone’s retirement needs and income expectations are different. We will meet with you and help guide you through an evaluation process according to your needs.
To answer "Will I have enough to retire?", expenses must be considered. We discuss members' anticipated expenses during the retirement strategy process. For a comfortable retirement, you should understand how much money you'll need.
Retiring comfortably requires a sufficient retirement income. When you calculate your expenses, include your day-to-day living costs, such as food, housing, and medical care, as well as any "extras." Perhaps you would like to travel more or pay off your mortgage. Also, an emergency fund is necessary in case of unforeseen circumstances.
Take Steps To Protect Your Retirement Income
In the current economy, most companies no longer offer pension plans. Many people find out when they retire that their payouts will be significantly lower. Moreover, markets and mutual funds are often considered high-risk financial vehicles. A market crash could also drastically reduce your earnings. Using our strategy, we can help you protect your assets and generate reasonable returns.
Protecting your principal helps prevent losses and facilitates a comfortable retirement. We offer fixed index annuities with optional benefits to help keep your money safe. Our goal is to offer solutions to your question of "How much money do I need for retirement?".
Planning ahead is important.
Let us help you prepare for retirement with confidence.
Contact us for a no-obligation meeting.