Keeping Your Future Safe
Do I Have Enough To Retire?
One of the most pressing concerns people have when approaching retirement is, “Do I have enough to retire?” Essentially, the amount required varies from person to person. To prepare for retirement, your current income, retirement age, and lifestyle all need to be taken into consideration.
Additionally, the rising costs of health care and living should be considered. Also, modern medicine has also been improving people’s quality of life so people are living longer. As a result, people are preparing for a longer retirement. Retirement professionals offer different recommendations for saving for retirement. But, what is the best solution for you? Essentially, each retirement strategy should be tailored to the individual. There are various strategies you can use to plan effectively.
Inflation's Impact on Retirement
Preparing for retirement is all about getting started as soon as possible.
Also, you need to figure in future inflation and the length of your retirement.
Inflation in the U.S. economy has historically averaged around 3% per year. Now, although modest, that percentage shouldn’t be disregarded. For example: over the course of 25 years, a 3% increase would roughly double the price of goods. A retiree on a fixed income would have 50% less purchasing power at age 90 than at age 65. This means that $100 today will only be worth $55.37 in 20 years based on the purchasing power of the dollar. We can guide you through this process according to your needs.
Your financial strategy should ensure that you will have enough income for the rest of your life. We can help you determine the strategy that works specifically for you.
Budgeting for Retirement
In order to answer the question, “Do I have enough to retire?”, expenses need to be accounted for. During the retirement strategy process, we discuss clients’ anticipated expenses. For a comfortable retirement, you should know how much money you’ll need.
You can estimate your retirement income and expenses using online retirement income calculators. Enough retirement income is necessary to retire comfortably. Be sure to include your daily living expenses, such as food, housing, and medical care.
Also, don’t forget to include “extras” when you calculate expenses. For example, maybe you would like to travel more or pay down your mortgage. Additionally, a reserve fund is necessary in case of an emergency.
Keep Your Retirement Money Safe
Most companies no longer offer pension plans. And now, when people retire, they learn that their payouts will be significantly lower. Additionally, mutual funds and the stock market present a high level of risk. And, if the market crashes, your earnings could be drastically reduced. Using our strategy, we help you generate reasonable returns** on your assets and protect your assets.
By protecting your principal*, you can prevent losses and enjoy a comfortable retirement. To help you protect your money, we offer fixed index annuities with optional benefits. Our goal is to provide solutions to your question, “Do I have enough to retire?”.
Planning ahead is important. Let us help you prepare for retirement with confidence. Contact us for a no-obligation meeting. If you’re in the Chicago, Glenview, Schaumburg, or surrounding areas in Illinois, attend our informational seminar and insurance presentation with a gourmet meal at no additional charge to you.