Retirement Planning

  • Home
  • Retirement Planning

Retirement Planning?
(Chances Are You’ll Need More Money)

Are You on Track For An Amazing Retirement?

Is your 401k going to be enough?

Many of the people we talk to feel that they just don’t have time to think about these questions. So often, we leave retirement planning for the future or hope that their company-sponsored retirement plan will take care of it. However, you need to make time to plan something as important as this for your family.

Retirement planning refers to financial strategies of savings, investments and should incorporate the distribution of money meant to sustain oneself during retirement. Your future depends on having these strategies to navigate life’s financial obstacles.

Retirement Goals

Maybe your goal is strictly to enjoy your retirement traveling the world without fear of running out of money. Maybe you want to live retirement to its fullest while leaving a legacy to your family or a favorite charity. Retirement is a time in life for relaxation, traveling, enjoying family, and taking on new hobbies. As a retiree, you never want to find yourself spending this time in fear that you will outlive your money

COVID-19 has and will cause many Americans to rethink how they will plan for retirement.

Many experts now believe that your retirement income should be 80% of your pre-retirement income. You’d need $80,000 per year in retirement to live on if you had a pre-retirement income of $100,000. It is also said (by the experts) that you should have at least $1.6 million at the time of retirement if you plan on being in retirement for 20-30 years, and you want to live comfortably throughout that time. Would that be enough to maintain your retirement lifestyle and independence considering taxes, inflation, market corrections, as well as extra health care expenses outside of government-paid expenditures?

Most Americans will depend on income from 401(k) s, IRAs, Roth IRAs, and other company-sponsored plans. Because the income from these plans would be subject to taxes and market risk, it would be challenging to produce a systematic stream of pension-like guaranteed income for a 20-30 year retirement.

Why wait to see if there is a real problem? A proactive approach would be to have a stress test on your current retirement account(s) to see if, during these uncertain economic times, it would provide the necessary income for your long-term retirement goals.

You can request a free stress test here, (no sales pitch, just discovery information). It’s better to get a glimpse into potential future financial problems NOW than to get a financial surprise when you least expect it or worse yet, can’t handle it.

The Problem

The real problem is most individuals will need more money during retirement.

Where will it come from and how will you create it? What would your options be? Would you have to work longer, save more, incur more investment risk or eliminate some of your retirement dreams? For those that can qualify, a unique option is available. Find out more here.

Successful Retirement Panning is all about minimizing and managing these risks.

401k

Learn About Your 401K

401k 401k