Planning for Retirement

Do I have enough to retire?

This is one of the great questions that retirement advisors are asked every day. Here is one way to find out:

Figure Out Your Expenses
Take any steps necessary between now and retirement to reduce those expenses as much as possible. (Most experts say you need 75% to 85% of your final pay to maintain the same standard of living, although if you’re still carrying a mortgage, you may need 100%.)

Add Everything Up
Include savings, checking account, IRA, 401(k), real estate, etc.

Apply the 4% Rule
Plan conservatively: with modest returns you can withdraw 4% to 4.5% a year from your accounts without outliving your money. So if you have $500,000 saved, that’s a little bit above $20,000 a year.

Figure Out Social Security
To find how much you’ll get from Social Security, go to the Social Security Administration’s website and find the retirement estimator. (That’s assuming Congress doesn’t make major changes to the program.)

Now It’s Time to Do a Little Math
Take your monthly expenses and subtract your monthly social security check. The difference is what will have to be taken from your “add everything up” assets from above. The goal is to take less than what you will earn in interest on those assets so that you don’t dip too much into your principal.

Need Help? Come talk to one of our retirement specialists and we’ll help you figure it out.

Learn more about planning for your retirement needs by calling us at 877-595-0833 or filling out the form below.


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