SERVICES
Retirement Strategies
Will you have enough to retire? How can you know if you are still on track?
Your retirement age, lifestyle, and how much you’ve saved all have an impact on your financial future. Other factors to consider are rising healthcare and living expenditures, as well as increased life expectancy. For these reasons, you will need to save more and over a longer period of time than you would have needed in the past. Will you have enough to retire? There are several elements to consider before answering this question. We can help you better understand them.
Budgeting
Developing a personal budget is one of the most crucial components of your retirement strategy. A realistic retirement budget includes all monthly expenses. First, examine your key expenses: healthcare, housing, transportation, and food are among the most essential ones to cover. Also, consider "bonus items" such as vacations and dining out. You should also have enough to cover these charges. Finally, create an "emergency fund" to cover unforeseen costs each month. If you don't need it that month, save it: having some "wiggle room" in your retirement budget can be extremely useful.
Consider Inflation
Inflation is another important factor to consider when calculating how much you should have saved for retirement. As the cost of living rises, your assets lose value over time. Although periods of high inflation occasionally occur, the Federal Reserve generally aims to limit inflation to 2% each year. Compound your usual annual spending by 2% each year to see if you'll be able to maintain your current lifestyle in retirement.
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Get Educated
To develop a successful retirement strategy, first figure out how much money you’ll need in the coming years. We can guide you through the process, taking into account your specific circumstances, goals, and needs. We hold educational seminars on a regular basis to keep our current and potential clients up to speed. These events are no-cost and include a complimentary gourmet meal. Enjoy a delicious dinner while we guide you through the key factors to consider when developing a strong retirement strategy.
In addition to these events, you can schedule a meeting with us. During our conversation, we can explore your current financial situation, needs, and goals. Then, based on that knowledge, we may present you with a variety of possibilities that you might not have considered earlier. Will you have enough to retire? We can help make sure you answer “yes” to that question. We’re always willing to help.
