(Chances Are You’ll Need More Money)
Are You on Track For An Amazing Retirement?
Is Your 401(k) Going To Be Enough?
So often, we leave retirement planning for the future, or hope that our company sponsored retirement plan will take care of it, but a secure retirement requires a plan.
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.
What Are Your Goals For Your Retirement?
Maybe your goal is to travel without fear of running out of money. Maybe you want to live life to its fullest, give a legacy to your family or your favorite charity. Whatever your goal, you never want to find yourself spending this time in fear that you will outlive your money
Many experts now believe that your retirement income should be 80% of your pre-retirement income. For example, you’d need $80,000 per year in retirement to live on if you had a pre-retirement income of $100,000 and that you should have at least $1.6 million at the time of retirement if you plan living comfortably in retirement for 20-30 years. Would that be enough to sustain your retirement lifestyle considering taxes, inflation, market corrections, as well as extra health care expenses (outside of Medicare)?
COVID-19 Is Causing Many Americans To Rethink How They Will Plan For 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 last; however, taxes and market risk can pose a challenge to producing a steady income stream of income from these plans in the long-term.
The real problem is that most individuals will need more money than they expected during retirement.
If you need more money, where will it come from, how will you create it? What are your options? Will you have to work longer, save more, incur more investment risk or eliminate some of your retirement dreams? For those who can qualify, another unique option is available. Find out more HERE.
Request a free “stress test” for your current retirement plan HERE, to see if you are in danger of outliving your money (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.
Don’t Wait Until It’s To Late!