When it comes to retirement, what I have found is most people don’t know what they really should be doing in order to have the same lifestyle when they retire as what they do now.
How Much Money Do you Need?
A good place to start is by asking, “How much money do I need to be putting away on an annual or a monthly basis to ensure that I’ll have enough money to last throughout my lifetime?”
Another question to ask yourself is, “How long will I have to work to create enough money to last throughout my lifetime and have the same lifestyle that I’m living now?” If you don’t do anything different than what you’re doing now, how long will your money last when it comes to retirement?
And finally, the question that you want to ask yourself is, “How much am I going to have to reduce my lifestyle at retirement in order to make sure that I have enough money to last throughout my lifetime and still be able to live the same lifestyle at retirement as I do now?”
These questions are very important in getting you started on a plan that will help you have the kind of lifestyle when you retire that you’re currently enjoying now.
What Do You Want?
When I sit down with a client, one of the most important things that I ask them is, “What is it that you want?” Once I know what you want, and I know what you have, then we can figure out a way to get you to where you want to be.
I had a guy come in my office one day, and he had all these papers, all these files of different IRAs, different 401(k)s, and he just wasn’t sure what he actually had. He wasn’t sure how much money he really had, and he wasn’t sure whether he could retire or not. So the first question I asked him is, “What is it that you want?”
I was able to look over his paperwork and show him where he actually had sufficient money to retire at the age that he intended to retire. I talked to him a little bit about Social Security. He was actually in a position where he did not have to draw Social Security yet. He could put Social Security off, gaining an 8% increase every year that he delayed his Social Security.
He wasn’t aware of it, but he had set himself up in a situation where he could retire comfortably, pretty close to the same lifestyle he was living during his working years, as when he retired. He was very pleased with that.
Are You Prepared?
My passion is to help people like yourself in getting what they really want. I would like to have a conversation with you about your financial goals and we’ll go through these questions.
How much money do you need to be putting away on a or an annual basis to be able to live the same lifestyle when you retire as what you do now, and have enough money to last throughout your lifetime?
At what age can you retire and be able to make sure that you don’t outlive your money?
We will likely make some changes because if you continue doing the same things that you’re doing right now, it may not work for you in your future. We’ll make sure that you don’t have to reduce your lifestyle when you do retire AND we’ll make sure you’ll be able to have enough money to live comfortably throughout your life expectancy.
If you don’t do anything differently than what you’re doing today, you may find yourself in a position where you’re not going to have the money that you want to have or be able to live the same lifestyle that you’re living now once you retire.
If you want to be secure in your money and your financial future, I’d love to have a conversation with you. Just give me a call or shoot me an email.