When Will I Retire?
When Will I Retire?
“When will I retire?” That’s one of the most common questions we hear from our clients? Of course, what people are asking is when they will be able to retire. The answer to that question is different for everyone, of course, but taking the following steps can help you get a clearer picture of your retirement readiness.
Review your investments. Gather documents pertaining to each retirement account you hold, and review your total amount of assets as well as how they are distributed. If you are several years away from retirement, we hope for these assets to grow some more.
Use a retirement income calculator. This calculator will ask you about your age, your salary, your assets, and your expected retirement date. This date is variable, of course, but plug in your ideal date to get an idea of how your retirement might shape up.
Investigate your expected retirement income. The calculator will generate a speculative retirement income from the numbers you entered in the previous step. It might also give you an estimate of your Social Security benefits, so that you have an idea of the bigger picture.
The calculator will express these values as a percentage of your current income. Everyone has different expectations of their retirement lifestyle, of course, but in general you should hope for at least 70 percent of your current income. That way you can maintain a lifestyle that feels comfortable to you. If your number is above 70, you’re probably on the right track to making your expected retirement date.
Investigate other options. If that number falls below 70 percent, you might consider other options. Some people postpone their retirement date, so that they have more time to save money. Others make a dedicated effort to saving more money each year, or decide to continue working part-time in retirement.
The above steps can be confusing to complete on your own, particularly if your situation is different from the norm. Working with a skilled financial planner is the best way to get answers for your individual questions. Call our office for an appointment, and we will assist you in creating a retirement plan that helps you reach your goals.
This information has been provided by a Licensed Insurance Professional and is not sponsored or endorsed by the Social Security Administration or any government agency.
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