Puritan Financial Group Planning for Your Retirement
Puritan Financial Group Planning for Your Retirement
Planning for your retirement isn't an easy task by any means. Once you've reached middle age, your kids may have gone on to live on their own, or you might still be supporting them. Prior to retiring, you may be earning good money, or might still be having a difficult time making ends meet. No matter where you are financially, you need to focus on actively maintaining and building your assets for your retirement, and not just bank on your Social Security payout.
First, you need to know where you stand in terms of income versus expenses for retirement. Some financial experts say that you should use a percentage of your existing income to gauge this, although this isn't a reliable method because it doesn't take varying standards of living and financial capabilities into account. You can arrive at a more accurate estimate by thinking about the lifestyle you plan during retirement. Aside from forecasting increasing costs such as healthcare and insurance, and decreasing expenses such as commuting costs and mortgage, consider what you'll be spending if you want to take up a hobby, buy a new home, or travel regularly.
Once you've gotten a good grasp on how much you'll be spending for your projected expenses, calculate your overall asset value at retirement. You can get an approximation with online retirement calculators, or obtain a more accurate figure with the help of professionals.
You should then estimate how long your assets should last, considering your expected income and expenses, your nest egg, investment returns, and life expectancy. Financial planners can assist you in this step of your retirement planning.
After you've accomplished these steps, you'll have a decent idea of whether your income will be enough to support you in the lifestyle you want to live during your retirement. If you want to protect your money or increase your wealth for retirement, talk to an insurance representative or your financial advisor, as these economically uncertain times require more aggressive measures. Remember, if you're looking forward to your retirement being funded by Social Security, you're going to have a rude awakening when the day of your retirement comes.
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