"Will I Have Enough to Retire?"
“Will I have enough to retire?” There are various factors that determine the answer. What’s your strategy? How about your planned lifestyle in retirement? How much have you saved already? Have you factored in the rising cost of living? Additionally, people are now living longer thanks to medical advances. Your retirement is likely to last longer than it would’ve in the past.
With all of these factors to consider, planning for retirement can seem overwhelming. However, we can help. Will you have enough to retire? Help us help you find out.
Budgeting For Retirement
Expenses are another thing to consider when answering “Will I have enough to retire?” Knowing how much money you need in retirement is vital. Thankfully, this can be done.
You can estimate your income and expenses using an online retirement calculator. Include your basic expenses (food, housing, medical care) as well as “extras” like money for travel, paying off your mortgage, or charitable donations. Additionally, it’s advantageous to have an “emergency fund” for unseen expenses.
Inflation is one of the biggest factors in determining if you have enough to retire. The Fed typically aims for an inflation rate of around 3% per year. This increase seems small, but it shouldn’t be overlooked. Additionally, inflation can get, and has gotten, out of hand.
Even at 3% inflation, a retiree living on a fixed income would effectively have half as much to spend after 25 years of being retired. We can help you account for all of these factors as you put together your retirement strategy.
How to Make Sure You Have Enough to Retire
We can help you protect your assets and gain reasonable rates of return** in retirement. Preventing losses is key to having enough to retire. Reach out to us to learn more: You can schedule a one-on-one meeting with us, or attend one of our no-cost educational seminar events.