Planning for your retirement can be very daunting as there are so many factors and moving parts to consider.
One of the first steps should be to estimate how much income you’ll need to fund your retirement. But that’s not as easy as it sounds because your needs depend on your specific goals and many other factors.
The most accurate approach to understanding your income need is to first understand and estimate all of your retirement expenses.
Some expenses may go down, such as debts, payroll taxes and retirement plan contributions, while others may go up such as entertainment, dining out, and healthcare costs.
And don’t forget that the cost of living will likely go up over time; this is something people fail to account for far too often.
After understanding your expenses, you’ll need to identify your income sources, such as social security, pensions, investment income, and possibly part-time employment.
Throughout this discovery process, you’ll be faced with many questions, like, when should I draw my social security benefits? What will health insurance cost? Do I have enough retirement savings to last my lifetime?
At Financial Planning Consultants, Inc., we give our clients confidence by helping them to clearly understand what their retirement will look like. Call us now for a free initial consultation.
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